Former FTX CEO, Sam Bankman-Fried, has been denied his request for an adjourned sentencing hearing, according to a recent court filing. Bankman-Fried’s legal team had requested a delay of four to six additional weeks, pushing the sentencing date into May 2024. Currently, Bankman-Fried’s sentencing is scheduled for March 28, 2024. The defense argued that they needed more time to collect materials and prepare for an upcoming pre-sentencing interview, while also mentioning unresolved charges that will be addressed in a separate trial in March.
Judge Lewis Kaplan denied the request for an adjourned sentencing hearing, stating that Bankman-Fried had already been granted one extension previously to file sentence submissions. He further noted that the defendant had over six weeks to prepare for the pre-sentencing interview, which was scheduled for the following day. The judge emphasized that the current sentencing date was set without any objection from Bankman-Fried himself.
Sam Bankman-Fried was convicted on November 2 on all counts related to fraud and other crimes at FTX and its sister firm, Alameda Research. While the maximum sentence he could face is 110 years in prison, legal experts speculate that a considerably shorter sentence is more likely. Some estimates even suggest that Bankman-Fried may serve less than 25 years behind bars.
Four other former executives at FTX and related companies have reached guilty pleas with U.S. prosecutors. However, these plea deals do not guarantee lenient or no sentencing. Each deal only partially allows for the possibility of sentencing. It is worth noting that among these executives, only FTX DM co-CEO Ryan Salame currently has a sentencing date scheduled. His hearing is set for March 6, 2024.
Judge Kaplan’s decision to deny Bankman-Fried’s request for an adjourned sentencing hearing has raised eyebrows and sparked debate. Some argue that the denial does not consider the complexity and significance of the case, including the additional charges yet to be resolved in the upcoming trial. Critics believe that granting the extension would have allowed for a more thorough and fair sentencing process.
The denial of the adjourned sentencing hearing means that Sam Bankman-Fried will have less time to collect the necessary materials for his defense and prepare for the upcoming pre-sentencing interview. This decision puts more pressure on the defense team and potentially impacts Bankman-Fried’s ability to present a robust case to mitigate his sentence.
Former FTX CEO Sam Bankman-Fried’s request for an adjourned sentencing hearing has been denied by Judge Lewis Kaplan. Despite the denial, Bankman-Fried will still have the opportunity to present his defense and argue for a reduced sentence in the upcoming sentencing hearing. The case continues to draw attention due to the high stakes involved and the potential impact on the cryptocurrency industry.