FTX Founder Sam Bankman-Fried’s Lawyers Opt Not to File Post-Trial Motions
The lawyers representing Sam Bankman-Fried, the disgraced founder of FTX, have made the decision to forgo filing any post-trial motions following his conviction for fraud on November 2nd. In a letter to Judge Lewis A. Kaplan, Bankman-Fried’s attorneys stated that they will reserve their rights to pursue claims on appeal instead.
SBF’s Potential Appeal
This choice indicates that Bankman-Fried’s defense team will focus their efforts on mounting an appeal rather than attempting to alter the trial’s outcome through post-trial motions. If granted, such motions could have potentially changed the entire result of the trial.
Bankman-Fried’s defense attorney, Mark Cohen, affirmed his client’s innocence and commitment to fighting the charges against him in a statement made shortly after the conviction.
“One of the Biggest Financial Frauds in American History”
Bankman-Fried’s decision not to file post-trial motions follows a month-long trial where his former associates and close friends testified against him. According to these co-conspirators, both Bankman-Fried and Alameda Research, FTX’s sister company, provided special privileges on the exchange, including a $65 billion line of credit used for real estate purchases, political donations, and venture investments. By the time FTX collapsed in November 2022, it owed customers $8 billion.
U.S. Attorney Damian Williams described this case as one of the largest financial frauds in American history during a press conference following Bankman-Fried’s conviction.
Will SBF Face a Second Trial?
Bankman-Fried may face a second trial scheduled to begin on March 11th, 2024, pending approval from the Bahamian government.
If this second trial proceeds, Bankman-Fried will face additional charges, including conspiracy to commit bank fraud, conspiracy to violate the Foreign Corrupt Practices Act, securities fraud against FTX investors, and conspiracy to operate as an unlicensed money transmitter business.
Bankman-Fried’s sentencing is set for March 28th, 2024, with a potential maximum penalty of over a century in prison. The Department of Justice has until February 1st, 2024, to determine whether or not to proceed with the second trial.
Hot Take: SBF Decides Against Post-Trial Motions
FTX founder Sam Bankman-Fried and his legal team have chosen not to file any post-trial motions following his conviction for fraud. This decision suggests that they will focus their efforts on an appeal instead. Bankman-Fried’s former associates testified against him during the trial, accusing him and Alameda Research of engaging in fraudulent activities. While facing a potential second trial on additional charges, Bankman-Fried is already looking at a lengthy prison sentence. The Department of Justice has until February 1st, 2024, to decide whether or not to proceed with the second trial. Despite these challenges, Bankman-Fried maintains his innocence and vows to vigorously fight the charges against him.
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