The United States Department of Justice will sentence Sam Bankman-Fried on March 28 at 9:30 a.m. in New York. The hearing for the SBF sentence will be public and open to the public; the court will continue to collect testimonies from those affected by FTX. At the last minute, Sam Bankman-Fried renewed his defense and hired Torrey Young and Marc Mukasey of Mukasey Young LLP.
The United States Department of Justice, through the Court for the Southern District of New York, confirmed that it will hand down a sentence against the former CEO of FTX, Sam Bankman-Fried, on March 28 at 9:30 a.m.
Following a trial that lasted approximately a month, in October 2023, a jury convicted Bankman-Fried of seven criminal counts, including wire fraud, wire fraud conspiracy, securities fraud, commodity fraud conspiracy, and money laundering conspiracy. money.
The Southern District of New York announced to customers defrauded by FTX, exchange investors and Alameda Research to attend the final ruling of Bankman-Fried. The sentence will be handed down in Courtroom 21B of the United States Court, at 500 Pearl Street, in New York.
SBF: Department of Justice Continues Collecting Testimonies from FTX
The US Attorney SDNY account reiterated that SBF will be sentenced for seven proven counts of fraud and conspiracy to defraud and deceive FTX customers, investors and lenders of Alameda Research.
The sentence against Sam Bankman-Fried will be handed down by the Manhattan Court, led by Judge Lewis Kaplan. The Department of Justice stated the following:
“The proceeding is open to the public and victims are entitled to a reasonable opportunity to be heard in advance of sentencing. BANKMAN-FRIED faces a maximum of 110 years in prison, and financial penalties including a fine, forfeiture, and the award of restitution to victims.”
With the sentence, the New York Court seeks restitution to the victims, which will be determined by Judge Lewis Kaplan on March 28. He even invited people who feel aggrieved by SBF to send a victim impact statement to the email: US***************@us***.gov.
In November, a Manhattan federal judge found that the former FTX CEO defrauded his clients and the hedge fund’s lenders, even accusing him of “perpetuating one of the largest financial frauds in American history.”
USA: SBF Changes His Legal Defense Overnight
After the time and place for sentencing against the former FTX CEO was revealed, SBF announced the hiring of hiring new defense attorneys ahead of his sentencing hearing. They are Torrey Young and Marc Mukasey of Mukasey Young LLP, who will represent Bankman-Fried between January and the end of March. SBF’s legal team submitted a sealed document, which could suggest a possible appeal of his November conviction.
The former CEO of FTX would seek to exhaust resources and stop the decades of prison he would receive; experts even rumor that the sentence would aspire to life imprisonment. According to Bloomberg, Marc Mukasey has a history of defending white collar cases.
The Marc Mukasey are big cases of financial market manipulation and high-profile corporate figures, such as Nikola founder Trevor Milton. His father, Michael Mukasey is a former New York prosecutor, who represented former US President Donald Trump.
It was previously reported that Sam Bankman-Fried faces up to 115 years in prison after pleading guilty on the afternoon of November 2.
Former Alameda Research CEO Caroline Ellison, as well as exchange co-founder Gary Wang and FTX chief technology officer Nishad Singh, had previously pleaded guilty.
By Leonardo Perez
