SBF trial dates revealed: FTX founder to stand trial over 6 weeks

Former FTX CEO Sam Bankman-Fried will spend at least 21 days in court as part of his criminal trial, which will begin in earnest on Oct. 4 and last until Nov. 9, according to a newly released trial calendar posted to the public court docket.

The burgeoning trial calendar, released on Sept. 28, begins on Oct. 3 with jury selection. The first official date of the Bankman-Fried trial is Oct. 4, where they will begin discussing seven fraud charges laid against him.

There are two substantive charges where the prosecution must convince a jury that Bankman-Fried had committed the crime. Five other “conspiracy” charges involve the prosecution convincing a jury that Bankman-Fried planned to commit the crimes.

There are 15 full trial days in October and another six in November. The court will not be in session between Oct. 20 and Oct. 25 and on weekends. Public holidays also fall on Oct. 9 and Nov. 10 and there is also no trial slated for Nov. 3.

The former FTX CEO has been serving pre-trial detention at the Metropolitan Detention Center since Aug. 11. Through his attorneys, Bankman-Fried has filed numerous motions for temporary release to prepare for his upcoming trial.

His latest attempt was knocked back again on Sept. 28 by U.S. District Judge Lewis Kaplan, suggesting Bankman-Fried might be a flight risk, given his young age and a “very long sentence” if convicted.

“If things begin to look bleak … maybe the time would come when he would seek to flee.”

However, Kaplan said that he was sympathetic to the defense’s concerns, and has granted Bankman-Fried permission to arrive at court at 7am local time on most trial days to speak with his lawyers before testimony begins.

Related: Sam Bankman-Fried’s temporary release request denied as trial date looms

During the hearing on Sept. 28, assistant U.S. attorney Danielle Kudla said the Department of Justice estimated the case could last four to five weeks.

SBF, who pleaded not guilty to seven counts of fraud and conspiracy following the collapse of FTX, faces a statutory maximum of 110 years in prison.

Magazine: Deposit risk: What do crypto exchanges really do with your money?

Source: Read Full Article