Former FTX CEO Denied Adjourned Sentencing Hearing

Former FTX CEO Denied Adjourned Sentencing Hearing

Former FTX CEO, Sam Bankman-Fried, has been denied his request for an adjourned sentencing hearing, as stated in a court filing on December 20. Bankman-Fried’s legal team had requested a four to six-week adjournment, which would have postponed the sentencing to May 2024. However, his current sentencing date still stands for March 28, 2024.

Bankman-Fried’s defense argued that they required extra time to gather the necessary materials for the sentencing submission. They also cited the need to prepare for an upcoming pre-sentencing interview scheduled for December 21. Furthermore, the defense contended that the sentencing process should not commence until the resolution of other charges omitted from Bankman-Fried’s previous trial. These charges include allegations of foreign bribery and campaign finance violations and are scheduled to be addressed in a trial on March 11, 2024.

In response to the request, Judge Lewis Kaplan denied the extension, stating that Bankman-Fried had already been granted one extension previously. The judge mentioned that the previous extension was granted on November 18, as reported in the past. Additionally, Judge Kaplan highlighted that the defendant had more than six weeks to prepare for the pre-sentencing interview, which was scheduled to take place on Thursday.

Bankman-Fried was convicted on November 2 for various counts relating to fraud and other crimes committed at FTX and its sister firm, Alameda Research. While the maximum sentence he faces is 110 years in prison, legal experts anticipate a significantly shorter sentence. Estimates suggest that Bankman-Fried might serve less than 25 years in prison.

Four other former executives at FTX and related companies have also reached guilty pleas with U.S. prosecutors. Although these executives intended to receive lenient or no sentencing through plea deals, each deal allows for partial sentencing. Presently, it is known that only FTX DM co-CEO Ryan Salame has a sentencing date scheduled, which is set for March 6, 2024.

Former FTX CEO Sam Bankman-Fried’s request for an adjourned sentencing hearing has been denied. Despite the defense’s arguments for additional time, the judge ruled against granting an extension. With the current sentencing date approaching, Bankman-Fried and his legal team must now focus on preparing for the upcoming trial and submission of materials for the sentencing process. As the legal proceedings continue, the industry awaits the final outcome and potential sentence for the former CEO.

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