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The jury within the trial of the previous CEO of the defunct crypto trade FTX, Sam Bankman-Fried (SBF), gave its verdict on November 2 in what alerts the start of the tip for the one-time billionaire who faces an extended jail time period following his conviction.
Sam Bankman-Fried Responsible Of All Seven Fees
The members of the jury have been tasked with giving a verdict on every of all the fees for which Bankman-Fried was standing trial. Following their deliberation, which ran late into the evening on November 2, they discovered him responsible of the seven expenses leveled towards him by the prosecution.
These expenses included wire fraud of FTX clients, conspiracy to commit wire fraud on FTX clients, wire fraud on lenders to Alameda Analysis, conspiracy to commit wire fraud on lenders to Alameda Analysis, conspiracy to commit securities fraud on FTX traders, conspiracy to commit commodities fraud on FTX clients, and conspiracy to commit cash laundering.
The jury’s resolution got here after AUSA Danielle Sassoon led the rebuttal on behalf of the prosecution, the place the counsel as soon as once more highlighted overt acts that confirmed that the defendant had dedicated fraud. She additionally asserted that the prosecution had undoubtedly discharged the burden of proof that was positioned on them.
Then again, the protection had no case and couldn’t even refute the proof that the prosecution had tendered as a result of they have been true. AUSA Sassoon highlighted the spreadsheet, which confirmed Alameda Analysis’s $65 billion line of credit score, which the protection had no reply to.
FTT Token value falls after Jury resolution | Supply: FTTUSDT on Tradingview.com
What’s Subsequent In The FTX Founder’s Case?
Following his conviction, Bankman-Fried is heading again to jail. Nonetheless, the case isn’t over but, as Decide Lewis Kaplan will nonetheless have to sentence the defendant. Having been discovered responsible of all expenses, he faces a most sentence of 110 years in jail.
It, nevertheless, stays to be seen if the utmost sentence will handed right down to him as sure elements will play a job in his resolution. A kind of elements would be the Pre-Sentence Report (PSR), which the probation officer will put together to assist information Decide Kaplan on the sentence to present.
Bankman-Fried’s sentencing is slated for March 28, 2024, as Decide Kaplan talked about. Earlier than then, each events will file their post-trial motions on or earlier than December 11, giving Bankman-Fried and his attorneys to make their displeasure recognized on how the trial was performed and probably ask for a brand new trial.
In the meantime, following the decision, Decide Kaplan had inquired from the prosecution in the event that they nonetheless deliberate to go on with the second trial towards the defendant, the place they meant to deliver different expenses towards him, together with marketing campaign finance violation. He acknowledged that that they had till February 1, 2024, to decide and provides him an replace.
Featured picture from American Banker, chart from Tradingview.com
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