Former FTX CEO Sam “SBF” Bankman-Fried has opted not to pursue any post-trial motions following his conviction on federal fraud charges on November 2.
His legal team communicated this decision in a letter dated December 1 to Judge Lewis Kaplan in the United States District Court for the Southern District of New York.
While they have chosen not to file post-trial motions, they have reserved the right to pursue claims on appeal. This development comes as the latest in the ongoing legal saga surrounding SBF, who is scheduled for sentencing on March 28.
The situation regarding Bankman-Fried’s second trial in March remains uncertain.
Initially, his indictment was split into two parts, with seven counts in October and five charges scheduled for March.
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However, following the guilty verdict in November, SBF now faces the possibility of a lengthy prison sentence that could span decades.
Following the jury’s verdict, Bankman-Fried was returned to the Brooklyn Metropolitan Detention Center, where he is expected to remain until his sentencing date.
On November 30, crypto blogger Tiffany Fong conducted an interview with a former mob enforcer named Gene Borrello, who disclosed some of SBF’s experiences in jail.
Borrello claimed that another inmate had attempted to extort the former FTX CEO during his time in detention.
Bankman-Fried’s legal troubles have made him one of the first high-profile crypto executives to face criminal charges in the United States.
In a similar vein, former Celsius CEO Alex Mashinsky was arrested in July, and as of the current date, he remains free on bail pending his criminal trial scheduled for September 2024.
Changpeng Zhao, who stepped down as CEO of Binance and pleaded guilty to a felony charge as part of a settlement with U.S. authorities, is slated for sentencing in February.
The crypto industry continues to grapple with legal challenges, with these cases drawing significant attention as they unfold.
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