2023-11-03 10:43:07
Sam Bankman Freed returned to his cell in federal prison in Brooklyn after being found guilty of all seven charges in his criminal trial. However, his lawyers say the battle is far from over.
Bankman-Fried “maintains his innocence and will continue to vigorously fight the charges against him,” Bankman-Fried’s attorney, Mark Cohen, said in a Nov. 2 statement.
If Bankman-Fried continues, he will likely appeal after his sentencing; The first step will see the FTX co-founder file a notice of appeal in the New York District Court where he was just convicted.
STATEMENT FROM THE TEAM OF SAM BANKMAN-FRIED —
“We respect the jury’s decision. But we are very disappointed with the result. Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him.” pic.twitter.com/Q69w6nKB34
— Teddy Schleifer (@teddyschleifer) November 3, 2023
Note that the guilty verdict was issued against Bankman-Fried by the jury on November 2 in New York. US Attorney General Damian Williams described Bankman-Fried as one of the biggest financial fraudsters in American history and the perpetrator of a “billion-dollar scheme designed to make him the king of cryptocurrencies.”
Bankman-Fried faces the possibility of another criminal prosecution She is scheduled to be arraigned on March 11 on charges of bribery conspiracy, conspiracy to operate an unlicensed money transmitter business, and conspiracy to commit bank fraud along with derivatives and securities fraud.
For his part, New York District Court Judge Lewis Kaplan gave government prosecutors a deadline of February 1, 2024 to confirm whether they will proceed with the second trial.
If the case continues, Bankman-Fried has the option of pleading guilty, which could help reduce his sentence.
As for the final guilty verdict — prosecutors will recommend a sentence by March 15, and will see Bankman-Fried return to court for sentencing on March 28, 2024.
However, Judge Kaplan will have the final say on how much time Bankman-Fried will spend in prison, but if Bankman-Fried serves the maximum sentences for all of his crimes, he will be in prison for 110 years.
However, Kaplan could instead decide that Bankman-Fried will serve his sentence at one time. If so, bank fraud and money laundering conspiracy crimes alone carry a maximum sentence of 20 years.
For her part, former federal prosecutor turned cryptocurrency venture capitalist Katherine Haun said in a Twitter post on November 2 that she believes Bankman-Fried will likely spend “decades in prison.”
Now that SBF has been found guilty on all counts, people are asking what sentence he may get. I think the answer is likely decades in prison. People confuse the statutory maximum sentence (the max a judge is allowed to give) with the sentencing guidelines recommended sentence… pic.twitter.com/C7Tn81A7xh
— Kathryn Haun (@katie_haun) November 3, 2023
Meanwhile, Freed Bankman will remain in jail at the Metropolitan Detention Center in Brooklyn where he has been imprisoned since August 11 after… Violating the conditions of his release on bail.
Judge Kaplan previously said that the Brooklyn prison “is not on anyone’s list of five-star facilities” and during the time Bankman-Fried was there before the trial, he complained about not having access to medication and vegetarian food.
Related Articles: Jury convicts Sam Bankman Freed on all seven counts in ‘FTX’ fraud trial
In September, a week before Bankman-Fried’s trial began, lawyers gave conflicting predictions about the length of his sentence.
Loevy & Loevy partner Michael Kanovitz said that if Bankman-Fried is found guilty, “I think he will get the maximum sentence.”
Hogan & Hogan partner Hogan Jeremy also predicted that Freed Bankman may not receive the maximum sentence of 110 years, but “he will go to prison for a long time.”
Hogan also added, “I don’t know enough about it to go into detail… just a long time — over 10 years.”
Related articles: Sam Bankman Fried Behind Closed Doors: “Damn the organizers”
Translated by Albayan Gherra
Translation of the statement
1699008949
#awaits #Cryptocurrency #King #Sam #BankmanFried