FTX Founder's Lawyers Seek Trial Delay Over Missing Evidence
- FTX founder's lawyers are seeking a delay in the trial
- The delay is due to missing evidence that they believe is crucial to the case
- The missing evidence has not been specified, but the lawyers argue that it is necessary to provide a fair trial for their client
FTX Founder's legal team requests postponement
of trial due to alleged missing evidence
According to Sam Bankman-Fried's legal team, they are yet to receive crucial evidence from the federal prosecutors. Consequently, they require additional time to prepare a robust defence.
Sam Bankman-Fried, the founder of FTX, is facing fraud charges brought by the Department of Justice (DOJ), and his legal team has expressed concerns about the trial scheduled for October 2nd.
In a letter to United States District Judge Lewis Kaplan, Bankman-Fried's lawyers stated that they are yet to receive crucial evidence from the federal prosecutors and may require additional time to prepare a strong defence.
A large amount of evidence, including data from devices belonging to defendants Caroline Ellison, former CEO of FTX sister trading firm Alameda Research, and Zixiao "Gary" Wang, FTX co-founder, has yet to be turned over to the defence.
Ellison and Wang are both convicted of fraud and are helping the Government with their investigation. Bankman-legal Fried's team is also awaiting the contents of computers belonging to two additional ex-FTX/Alameda employees.
Further allegations of conspiracy and fraud were filed against Bankman-Fried at the end of February, bringing the total number of charges against him to twelve. In December 2022, eight allegations were filed against Bankman-Fried, all of which he denied.
The defence believes that the production of evidence from these devices will be substantial and crucial to the defence and that a postponement of the trial may be necessary based on the amount of additional discovery and the timing of the production.
Bankman-Fried is currently released on a $250 million bond and has been under house arrest in Palo Alto, California, at his parents' house, with restricted online activities.
This latest development in the case against Bankman-Fried highlights the seriousness of the charges against him and the potential need for an adjournment to accommodate additional discovery. As the case continues to unfold, it will be interesting to see how it progresses and what impact it may have on the broader financial industry.
On Friday, March 10th, a hearing will take place to discuss the trial schedule and bail conditions. It is worth noting that the FTX founder, Bankman-Fried, is also facing civil lawsuits related to fraud from both the Commodities Futures Trading Commission (CFTC) and the Securities Exchange Commission (SEC). However, these lawsuits have been postponed until after the criminal trial.
