Former FTX CEO Sam “SBF” Bankman-Fried is gearing up for a lengthy legal battle as he faces criminal charges related to the collapse of his $32-billion crypto exchange.
The trial, set to commence on October 4 and extend until November 9, will span at least 21 days, as revealed in a recently released trial calendar available on the public court docket.
The legal proceedings will kick off with jury selection on October 3, followed by the first official date of Bankman-Fried’s trial on October 4. During the trial, prosecutors will present seven charges against him, including two substantive fraud charges that require convincing a jury of his guilt and five conspiracy charges focused on proving that he planned to commit these crimes.
The trial calendar specifies 15 full trial days in October and another six in November. Notably, the court will not be in session between October 20 and October 25, and weekends are exempt from proceedings. Public holidays on October 9 and November 10 will also see no trial activity, with November 3 marked as a non-trial day.
Bankman-Fried, who has been in pre-trial detention at the Metropolitan Detention Center since August 11, has made several unsuccessful attempts to secure temporary release for trial preparation.
United States District Judge Lewis Kaplan denied his latest request on September 28, citing concerns about the possibility of flight due to his young age and the potential for a lengthy sentence if convicted. Nonetheless, Bankman-Fried was granted permission to arrive at court early, at 7 am local time on most trial days, to consult with his legal team before testimony begins.
FTX’s Bankman-Fried’s Journey Behind Bars
Assistant U.S. Attorney Danielle Kudla estimated the trial could last four to five weeks, setting the stage for a protracted legal battle for SBF. If found guilty on all counts, he faces a maximum sentence of 115 years in prison.
Crypto experts believe that Bankman-Fried faces an uphill battle in court. Michael Kanovitz, a partner at Loevy & Loevy law firm, expressed pessimism about his prospects, suggesting that a guilty verdict could lead to a lifetime behind bars.
Courts consider the gravity of the crime and the defendant’s behavior during the trial when determining sentences, and tampering with witnesses, and a lack of mitigation may weigh heavily against Bankman-Fried in the eyes of the court.
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