- SBF’s trial spans from Oct. 4 to Nov. 9, with jury selection beginning on Oct. 3.
- Seven charges include two substantive fraud charges and five conspiracy charges.
- Judge grants limited privileges despite pre-trial detention due to flight risk concerns.
During a recent court hearing, Assistant U.S. Attorney Danielle Kudla stated that the Department of Justice anticipated the case might extend for a duration of four to five weeks.
As part of his criminal trial, the former CEO of FTX, Sam Bankman-Fried, will be present in court for a minimum of 21 days. The trial is scheduled to commence in earnest on October 4th and is expected to conclude on November 9th. These dates were recently made public through a trial calendar released on September 28th, and the proceedings are slated to commence on October 3rd with jury selection.
On October 4th, the Bankman-Fried trial will officially commence, focusing on seven fraud charges that have been filed against him. Of these charges, two are substantive, necessitating the prosecution to prove his guilt, while the remaining five are conspiracy charges, requiring the prosecution to demonstrate Bankman-Fried’s intent to commit the alleged crimes.
The trial calendar includes a total of 15 full trial days in October and an additional six in November. It’s worth noting that court sessions will not take place between October 20th and October 25th or on weekends. Additionally, there will be public holidays on October 9th and November 10th, and no trial is scheduled for November 3rd.
Since August 11th, the former FTX CEO has been in pre-trial detention at the Metropolitan Detention Center. Bankman-Fried’s legal team has made multiple requests for temporary release to prepare for the impending trial, but these requests were denied once again on September 28th by U.S. District Judge Lewis Kaplan. The judge cited concerns that Bankman-Fried might pose a flight risk due to his youth and the potential for a lengthy prison sentence if convicted. However, Judge Kaplan expressed sympathy for the defense’s concerns and granted Bankman-Fried permission to arrive at court at 7 am local time on most trial days to confer with his attorneys before the testimony begins.
During the September 28th hearing, Assistant U.S. Attorney Danielle Kudla reiterated that the Department of Justice estimated the trial could span four to five weeks. SBF, who has pleaded not guilty to seven counts of fraud and conspiracy in the aftermath of FTX’s collapse, could face a maximum statutory sentence of 110 years in prison if convicted.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.