Sam Bankman-Fried denied delayed sentencing over FTX fraud
A request to delay the sentencing of Sam Bankman-Fried was rejected by Judge Lewis Kaplan ahead of a presentence interview slated for Dec. 21.
Sam Bankman-Fried’s lawyers requested to extend the sentencing procedure by four to six weeks, citing a possible second trial for the FTX founder on bank fraud and conspiracy to violate the Foreign Corrupt Practices Act charges.
The letter was submitted on Dec. 20, a day before Bankman-Fried’s scheduled presentence interview with the U.S. Probation and Pretrial Services System. This is the body tasked with recommending a prison sentence for the convicted former crypto billionaire.
Notably, Bankman-Fried’s sentencing hearing is set for March 28.
The defense requires additional time to collect materials necessary for the sentencing submission and to prepare for the presentence interview. In addition, a trial on the severed counts of the indictment is still set for March 11, 2024. The Government has not yet decided whether it intends to proceed on those counts.
Court filing requesting delayed sentencing
In response, Senior District Judge Lewis A. Kaplan denied the request, noting that sentencing would only be delayed if the U.S. government advanced a second trial on the severed charges.
The Southern District of New York judge said Bankman-Fried’s camp failed to oppose the initial dates after his fraud trial over FTX’s collapse. A previous request for release was also denied by the U.S. Court of Appeals for the Second Circuit.
FTX’s former chief was found guilty on seven counts in November 2023, following an 18-day trial where prosecutors reportedly proved that Bankman-Fried misused customer funds at his crypto exchange and crypto trading giant, Alameda Research.
As the one-time crypto mogul swapped Bitcoin for mackerel while detained in a Brooklyn jailhouse, his digital asset exchange pressed on with bankruptcy proceedings under new CEO John Ray III. FTX published its bankruptcy settlement plan, although the repayment structure caused an uproar amongst claimants.
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