former CEO Cryptocurrency exchanges that no longer exist Fortis Sam Bankman-Fried (SBF) Trial Set to begin in October, unless there is any delay. Ahead of trial, here are some key details to note, as SBF faces up to 100 years in prison if the jury finds him guilty.
Allegations Against FTX Founder
The U.S. Department of Justice (DOJ) charged SBF with seven fraud-related crimes, namely: wire fraud against FTX customers, conspiracy to commit wire fraud against FTX customers, wire fraud against Alameda Research lenders, and conspiracy to commit wire fraud. The fraud involved Alameda Research as a lender, a conspiracy to commit securities fraud against FTX investors, a conspiracy to commit commodities fraud against FTX customers, and a conspiracy to commit money laundering.
Sam Bankman-Fried was originally charged with 13 counts in an earlier indictment.However, prosecutors decided to drop six of them, including Charges of “violating campaign finance rules”because these charges do not form part of the extradition agreement between the U.S. government and the government of the Bahamas.
In addition, the founder of FTX is said to have spent $100 million to finance the campaigns of multiple politicians in order to obtain political favors. He even tapped straw donors, breaking several campaign laws in the process.
despite this, SBF maintains its innocence and has not pleaded guilty to the charges. With this in mind, the prosecution must prove its case to the jury beyond a reasonable doubt. The jury is expected to consider all charges against SBF individually and decide whether prosecutors have presented sufficient evidence to prove all charges against him.
Judge Lewis Kaplan, who is presiding over the SBF case, said he and his lawyers could ask Postpone if they think they need more time to prepare their defence..However, after Judge Kaplan’s latest orderLater, SBF’s lawyers chose not to file any motion for an adjournment, meaning the trial would begin on October 3 as scheduled.
As Judge Kaplan said at a hearing, if a delay occurs, SBF’s trial date could be pushed back to next year. August 30 Virtual Hearing. The judge recommended that date be March 11, 2024, subject to approval by the Bahamian government.
Sam Bankman-Fried: The prosecution and defense cases
The DOJ will rely on testimony from several co-founders and senior executives of FTX and its sister company, Alameda Research.This is because some of these executives It is said Be aware of and participate in SBF’s illegal activities.
These senior employees attacked Bankman-Fried by striking plea deals with prosecutors and played a major role in the Justice Department’s case against the former FTX CEO. These executives include former Alameda CEO Caroline Ellison; Co-CEO Ryan Salame and FTX executive Nishad Singh.
Meanwhile, Sam Bankman-Fried plans to recruit Services of seven expert witnesses The aim was to create holes in the prosecution’s case.These witnesses are expected to provide Evidence on a variety of issues, including campaign finance laws, the financial condition of FTX and its sister company Alameda Research, and the software infrastructure of cryptocurrency exchanges.
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