• Thu. Nov 21st, 2024

Former FTX CEO Heads To Prison: Here’s What Could Be Next

Steve Kornacki

BySteve Kornacki

Nov 3, 2023

The embattled former CEO of FTX, the now bankrupt crypto exchange, Sam Bankman-Fried (SBF), has been sentenced to prison after the court found him guilty of all the seven charges filed against him. However, his legal team revealed that the fight is ongoing as they prepare for a second trial scheduled for March 2024.

SBF Will Challenge Verdict

Following the guilty verdict handed down on November 2 by the New York court, the FTX founder maintained his innocence. According to SBF’s attorney, Mark Cohen, the judgment will be vigorously contested.

He added that Bankman-Fried will appeal the verdict after being formally sentenced. The first step is to file an appeal notice in the New York District Court, where the trial was held.

This development follows a lengthy trial that ended with the jury’s decision on the evening of November 2. Meanwhile, famous US Attorney Damian Willaims says SBF is “among the leading financial fraudsters in American history.”

Willaims claims that SBF orchestrated a multibillion-dollar scheme to establish himself as a dominant figure in the crypto landscape.

Facing A Second Trial With Further Charges

Nevertheless, Bankman-Fried would likely have another criminal trial on March 11, 2024. This trial will include five charges involving bribery conspiracy, conspiracy to operate an unlicensed money-transmitting business, conspiracy to commit bank fraud, and derivatives and securities fraud.

Judge Lewis Kaplan has set a deadline of February 1, 2024, for government prosecutors to confirm whether they intend to proceed with the second trial. If the trial proceeds, SBF will have the option of pleading guilty, which could result in a reduced sentence.

Moreover, prosecutors will provide a suggested sentence for the recent guilty verdict by March 15. The embattled former CEO is due back in court for sentencing on March 28, 2024.

Kaplan will ultimately decide how long SBF will be imprisoned. He could face up to 110 years in prison if he serves the maximum sentences for all of his charges consecutively.

Is A Concurrent Sentence Likely?

However, legal experts believe that Judge Kaplan may opt for a concurrent sentence, which could change the course of Bankman-Fried’s legal fate. SBF faces a maximum sentence of 20 years in prison for each charge against him; this amounts to a total prison term of 60 years.

Meanwhile, Kathryn Haun, a former federal prosecutor who has now transitioned into the world of crypto venture capital, shared her thoughts on November 2 via a post on X. She opined that Bankman-Fried would eventually be imprisoned for “decades” due to the severity of the offence he committed.

As the legal proceedings continue, SBF remains detained at Brooklyn’s Metropolitan Detention Center. The crypto entrepreneur has been detained there since August 11 due to a violation of his bail conditions.

Steve Kornacki

Steve Kornacki

Steve Kornacki, a respected author at Big Trends Signals, uses his deep online trading acumen to create comprehensive guides and balanced reviews, empowering traders in their digital pursuits.

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