Lawyer Sam Bankman-Fried said Wednesday that a delay of the October 2 criminal trial may be necessary. Alawyers for SBF argue that additional time is also needed to thoroughly review the evidence and prepare the defense for the upcoming trial.
SBF Lawyers Await ‘Substantial Part’ of Evidence
Bankman-Fried’s attorney wrote to U.S. District Judge Lewis Kaplan on March 8 that she had not formally requested a change of date, however may be necessary given that they are still waiting for a “substantial part” of evidence to be turned over to them and that additional charges have been submitted to the founder of FTX at the end of February.
After Bankman-Fried’s crypto exchange failed in November and he was arrested in December, his lawyers noted that prosecutors filed fraud and conspiracy charges late last month, totaling 12.
One of Bankman-Fried’s attorneys, Christian Everdell, written in a letter:
“Depending on the volume of additional discoveries and the timing of production, it may be necessary to request a postponement of the trial, which is currently scheduled to begin on October 2, 2023.”
The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have both filed civil lawsuits against the founders of FTX for fraud; trials in this case have been postponed until after the SBF criminal trial.
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SBF charges are waived
In a subsequent indictment issued in New York federal court in February, Bankman-Fried was charged with four other criminal charges, including commodity fraud and making illicit political contributions.
At the original indictment against Bankman-Fried included only eight counts; The new 12-count indictment adds fresh information about hundreds of dollars in illegal political donations that SBF allegedly directed.
The new charging documents provide more context on the fraud charges against Bankman-Fried in connection with the failed cryptocurrency exchange FTX and hedge fund Alameda Research in late 2022.
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According to reports, SBF faces up to 40 years in prison if found guilty of “multiple schemes to defraud” in this case.
After his initial arrest in late 2022, Bankman-Fried pleaded not guilty and was held on $250 million bail.
More legal pressure was put on SBF when two close associates – FTX founder Gary Wang and former Alameda CEO Caroline Ellison – pleaded guilty in December to several counts of fraud and other offenses.
Wang and Ellison are helping the Manhattan U.S. attorney’s office prosecute Bankman-Fried.
-Featured image from The Chainsaw