Visit lawyers from Sam Bankman-Friedformer CEO of FTXwere hoping negotiate an report of the sentence. A request rejected by the courts. SBF will be set on its spell visit March 28th.
Sam Bankman-Fried will receive no reprieve. The former boss and co-founder of the crypto exchange FTX is not favored by Judge Lewis Kaplan. Despite the urging of his lawyers, his sentence will be determined on March 28, 2024.
In a motion filed with the courts, SBF’s lawyers pleaded for a postponement of the hearing to between early and mid-May 2024. In their view, this would give their client time to prepare for this crucial event.
Extension already granted to ex-CEO
The defense justified its request in order to “gather the necessary documents for the presentation of the award and prepare for the pre-sentence interview”. In support of this request, they argued that the government documents required for the award would not be filed until February 2.
But for Judge Kaplan, SBF’s request came too late. No objection to the sentencing date had yet been raised. For the magistrate, the rights of the defense had been respected.
The defendant has already been granted an extension for the filing of sentencing submissions,” Judge Kaplan responded in his order.
He points out that SBF had six months to prepare for the pre-sentencing interview.
A 2nd trial awaits SBF in 2024
The former golden boy of crypto finance is not yet finished with justice and its procedures. He is due to be heard today, December 21, by the US probation and preventive services system.
The appointment is expected to result in a sentencing recommendation. But another trial awaits SBF next year. On March 11, 2024, the former executive will stand trial on other charges: alleged bank fraud and bribery of Chinese officials.
Convicted by a jury on November 2, Sam Bankman-Fried is already facing a heavy sentence of up to 115 years in prison. He had pleaded not guilty during his trial, unlike his former associates and friends.
Since the bankruptcy, FTX’s administrators have uncovered numerous breaches and malpractices in the management of customer and company funds. The company’s future remains dependent on the creditors’ vote on the restructuring plan.
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