Judge Establishes Urgent Timeline for Sam Bankman-Fried’s Trial Sessions
In Brief
Sam Bankman-Fried, the former chief of FTX, is facing intensified scrutiny as the September 7 deadline for jury trial requests draws near.
The legal representatives of Bankman-Fried are expressing their concern regarding the tight schedule leading to the trial on October 3, especially after a recent hearing showed they had opted not to request an extension.
The trial will scrutinize the contributions of Bankman-Fried’s legal consultants as well as the ramifications of the revocation of his bail due to alleged witness tampering.
Federal Judge Lewis Kaplan has set There is a looming September 7 deadline for Bankman-Fried to file for a jury trial linked to his crucial court proceedings on October 3. This development, reported by Inner City Press on August 30, has caused anxiety within his legal team due to the limited time frame.
During a recent hearing regarding motions tied to Bankman-Fried's temporary release for trial prep, Judge Kaplan asked if the defense needed more time. They replied that they did not.
Pending approval from Bahamian authorities, the trial is also slated to take place on March 11 as a backup date. It's expected that Bankman-Fried's legal advisors will focus on how previous legal counsel influenced his critical decisions, especially highlighting Fenwick & West LLP's and in-house counsel's contributions during his leadership.
Bankman-Fried’s bail, amounting to a whopping $250 million, was revoked following allegations of witness intimidation. Currently, discussions are taking place for a potential release arrangement that would allow him limited two-day weekly furloughs opposed to the requested five. Additionally, his attorneys have raised concerns about his well-being while in custody, requesting specific medications for conditions like depression and ADHD.
Last month, FTX initiated A lawsuit has been initiated against Bankman-Fried and three former executives, aiming to reclaim over $1 billion that was allegedly misappropriated prior to the collapse of the crypto exchange.
The allegations in the lawsuit include dubious transactions involving asset transfers among FTX-linked companies, inappropriate contract arrangements, misleading statements to investors, and mismanagement of corporate funds. While Caroline Ellison, Gary Wang, and Nishad Singh have admitted to various charges, Bankman-Fried has pled not guilty and is expected to stand trial this October.
Read more:
- Ex-Alameda Research Engineer Reveals Unveiled Secrets About FTX
- Former FTX official Ryan Salame is currently negotiating a plea agreement with prosecutors.
- $40 Million Bribery Allegations Involving Sam Bankman-Fried and Chinese Officials Exposed in Onchain Analysis
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