January 4 (Reuters) – In Manhattan federal court on Tuesday, FTX founder Sam Bankman-Fried pleaded not guilty to fraud and other counts connected to the collapse of his $32 billion crypto business, with a judge setting an October trial date as both sides prepare to comb through piles of evidence.
What Comes Next？
During the discovery process, the government will provide papers and evidence to Bankman-attorneys. Fried's Prosecutors said on Tuesday that they have hundreds of thousands of papers and that more are on their way as they collect evidence. Discovery may take months, especially if there are disagreements over what material the defense is end to examine before trial. Emails, bank statements, and internal FTX data might all be included in the papers.
Is The Investigation Still Going On？
Yes. Manhattan U.S. Attorney Damian Williams has said that his agency would continue to make statements as the investigation continues. He stated in December that Bankman-Fried partners Caroline Ellison and Gary Wang had pled guilty to scamming investors and had agreed to assist authorities. Williams has invited any FTX insiders with knowledge of the company's downfall to come forward.
When Will The Trial Take Place？
U.S. District Judge Lewis Kaplan set a trial date of Oct. 2, although it is not unusual for the date to be pushed out when new legal difficulties and evidence emerge. Pretrial litigation is vital because both parties are vying for an edge over what evidence jurors will see and what legal arguments they will hear. On Tuesday, neither side indicated that they foresee major delays, although legal experts say comparable cases have taken a year or more to reach jurors.
Is Bankman-Fried Set To Go To Trial？
No. Criminal defendants may modify their plea at any moment, and their attorneys often negotiate plea deals with prosecutors. In most cases, a defendant will plead guilty to some counts in return for prosecutors dismissing others.
Bankman-Fried, 30, has made no indication that he plans to take a plea bargain, and prosecutors have made no indication that they would offer one. He has apologized to FTX consumers but claims he is not legally accountable.
What Will Happen If Bankman-Fried Is Charged？
The ex-mogul faces a maximum penalty of 115 years in jail, although even if convicted on all charges, he is unlikely to get such a punishment. Judges have discretion in sentencing, and following a conviction, prosecutors and defense attorneys usually disagree over the proper punishment. This entails assessing mitigating and aggravating circumstances, or reasons why a criminal merits a light or harsh punishment.
Where Is The FTX Bankruptcy Case？
On November 11, FTX filed for bankruptcy in Delaware. The bankruptcy in the United States is still in its early stages and will continue without Bankman-direct Fried's participation.
In December, the company's current CEO, John Ray, assured members of the United States Congress that FTX's attempts to recover clients' crypto assets will continue. Ray said that Bankman-Fried has had no participation in the organization since stepping down in November.
Stay tuned for more updates.
Download and install the WikiFX App from the download link below to stay updated on the latest news, even on the go.
Download link: https://www.wikifx.com/en/download.html
Leave a Reply