FTX Founder Sam Bankman-Fried's Anticipated Fraud Trial Faces Possible Delay: Report
The eagerly awaited fraud trial of Sam Bankman-Fried, the disgraced founder of FTX, may face a potential delay. This comes in response to complaints from his legal team, who argued that he lacked sufficient time to thoroughly examine the evidence.
A recent report from Reuters suggests that Judge Lewis Kaplan is contemplating a potential delay of the highly-anticipated trial by five months. This delay could involve merging the trial with a previously scheduled case related to forgery charges against Sam Bankman-Fried in the Bahamas.
Bankman-Fried's legal team has raised concerns that their client did not receive the necessary hard drives containing crucial evidence for a comprehensive review. Judge Kaplan has acknowledged this concern, stating that if the defendant genuinely believes a postponement is needed, they can make such a request. However, the judge is unlikely to grant a delay solely due to the volume of evidence; there must be a genuine and unexpected necessity.
Kaplan has also pointed out that there is no evidence to suggest that prosecutors acted in bad faith. Most of the evidence originates from Bankman-Fried's personal Google account, which he had access to before his bail was revoked.
Previously, Bankman-Fried's legal team requested unlimited prison visitation and even temporary release for their client. His bail was revoked recently amid allegations of witness tampering. If the trial is indeed combined with the other case, it could be rescheduled from October 3, 2023, to March 11, 2024.
The charges against Bankman-Fried include defrauding investors and mishandling billions of dollars in customer funds linked to the 2022 collapse of the cryptocurrency exchange FTX. If found guilty, he could potentially face decades in prison, making this trial a matter of significant consequence in the crypto industry.
Sep 01, 2023
