FTX founder Sam Bankman-Fried pleaded not guilty in Manhattan federal court on Tuesday to fraud and other charges related to the collapse of his $32 billion crypto empire, with a judge setting an October trial date as both sides prepare to sift through mountains of evidence.
The government will give documents and evidence to Bankman-Fried’s lawyers in a process known as discovery. Prosecutors said on Tuesday that they have hundreds of thousands of documents with more on the way as they continue gathering evidence. Discovery can take months, particularly if disputes arise over what evidence the defense is entitled to see ahead of trial. The documents could include everything from emails to bank statements and internal FTX data.
WHAT HAPPENS IF BANKMAN-FRIED IS CONVICTED?
The ex-mogul faces a maximum of 115 years in prison, but he is unlikely to receive such a sentence even if he is convicted on all counts. Judges have discretion in deciding sentences, and after a verdict, prosecutors and the defense frequently argue over an appropriate penalty. This involves weighing mitigating and aggravating factors or reasons why a defendant deserves a lenient or severe sentence.
WHAT ABOUT THE FTX BANKRUPTCY CASE?
FTX declared bankruptcy on Nov. 11 in Delaware. The U.S.-based bankruptcy is still in its early stages and will proceed without Bankman-Fried’s direct involvement.
The company’s current CEO, John Ray, told members of U.S. Congress in December that efforts by FTX to recover customers’ crypto assets would continue. Bankman-Fried has had no role in the company after he stepped down in November, Ray said.
Source: Reuters
Free Legal Advice:
The US Attorney is currently investigating the case and preparing it for trial. Furthermore he is actively searching for and seizing all assets from the accused and any other assets that are related to the defendant personally or to FTX.
It is in the best interests of the victims in this case to lawyer up and have their interested represented when it comes to restitution and getting their assets back.
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