Connect with us

Hi, what are you looking for?

World News

Bankman-Fried’s lawyers say October trial may need to be delayed

 – Sam Bankman-Fried’s lawyers said on Wednesday it may be necessary to delay the FTX cryptocurrency exchange founder’s scheduled Oct. 2 criminal trial, arguing it may take more time than expected to review the evidence and prepare a defense.

In a letter to US District Judge Lewis Kaplan, the 31-year-old former billionaire’s lawyers said federal prosecutors in Manhattan had not yet turned over evidence collected from electronic devices belonging to Caroline Ellison and Gary Wang, previously two of their client’s closest associates.

Both have since pleaded guilty and agreed to cooperate with prosecutors.

The lawyers also noted that prosecutors added new fraud and conspiracy charges late last month, boosting the number of counts to twelve, following the November collapse of Mr. Bankman-Fried’s now-bankrupt exchange and his arrest the next month.

In January, Bankman-Fried pleaded not guilty to the original eight counts that he cheated investors and caused billions of dollars in losses, in what prosecutors have called an “epic” fraud.

“While we are not making such an application at this time, we wanted to note this issue for the Court now,” Christian Everdell, one of Mr. Bankman-Fried’s lawyers, wrote in the letter.

A spokesman for the US Attorney’s office in Manhattan declined to comment.

Mr. Bankman-Fried rode a boom in the values of bitcoin and other digital assets to an estimated $26 billion net worth, and became an influential donor to US political campaigns.

But his fortune evaporated after concerns about commingling of funds between FTX and Alameda Research, a hedge fund he also owned, spurred the cryptocurrency equivalent of a run on the bank at FTX.

Bankman-Fried was released on $250 million bond and has been under house arrest at his parents’ Palo Alto, California home.

Kaplan has suggested his bail could be revoked after prosecutors said he may have tried to tamper with witnesses. Prosecutors over the weekend proposed Bankman-Fried remain free with strict limits on his use of technology.

The trial schedule and Mr. Bankman-Fried’s bail conditions are expected to be discussed at a court hearing on Friday. – Reuters

Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

You May Also Like

World News

Toronto’s school board has become the first in Canada to recognize that caste discrimination exists in the city’s schools and has asked a provincial...


A PROPOSAL to reduce tariffs to zero for imports of natural gypsum will stimulate domestic production of gypsum board, a construction material used in...


Tomorrow is Ash Wednesday. For Catholics around the world, it is the beginning of Lent, a period for reflection and contemplation. Speaking of reflection,...


THE Bureau of Internal Revenue (BIR) is studying the establishment of an international tax division specializing in deterring transfer pricing abuses. “We are trying...

Dislaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2023 All Rights Reserved. Spirit