The legal battle surrounding Sam Bankman-Fried (SBF), the former CEO of FTX, has escalated as a federal judge rejected his defense team’s request for an extended sentencing process.
This development comes in the midst of an impending second trial following SBF’s recent conviction on charges of fraud and conspiracy.
Initially reported by Coindesk, SBF’s defense team had sought an extension of four to six weeks for his sentencing.
They emphasized the upcoming second trial scheduled for March 11, which could impact the pending sentencing set for March 28.
The defense aimed to delay both the sentencing and the pre-sentencing interview with the US Probation and Pretrial Services System, citing the need to resolve all charges before moving forward.
However, Judge Lewis Kaplan dismissed the plea, pointing out that the defense had not initially contested the March 28 date.
Court documents from the Southern District of New York, where Kaplan oversees the case, highlighted the importance of proceeding with the pre-sentencing interview. He stated that the defendant had ample time for preparation.
The judge’s decision holds significant implications for the impending second trial, which revolves around bank fraud and conspiracy charges related to the Foreign Corrupt Practices Act.
These unresolved legal aspects add complexity to SBF’s sentencing, potentially causing further delays, contingent on the Department of Justice’s decision to pursue the second trial.
Kaplan clarified, “The defendant’s application, dated December 20, 2023, to adjourn the sentencing data and to postpone the dates for the first and second disclosures of the PSR is denied.
The sentencing data was fixed without objection from the defendant.
The defendant already has been granted one extension for the filing of sentencing submissions.
The defendant already has had over six weeks in which to prepare for the pre-sentencing interview, which shall take place tomorrow as scheduled.”
Just last month, a New York jury unanimously delivered guilty verdicts on all seven counts of fraud, conspiracy, and money laundering charges against SBF. Each conviction carries a substantial sentence, amounting to a staggering total of 115 years.
The fall of this prominent figure in the industry has left the crypto community in shock and dealt a significant blow to FTX, the now-bankrupt exchange he once led.
As SBF’s empire unravels, former associates, including Caroline Ellison, the former CEO of Alameda Research, and high-ranking executives from FTX who pleaded guilty to related charges, have testified against him, further complicating his legal predicament.