FTX Founder Sam Bankman‑Fried Pushes For New Trial In New York
Sam Bankman‑Fried, the co-founder and former chief government of collapsed cryptocurrency change FTX, has filed a request for a brand new trial in New York on Tuesday, arguing that contemporary witness testimony might undermine the federal government’s case towards him.
Bid To Revive FTX Trial
As reported by Bloomberg, the movement, dated February 5 and entered into the docket on Tuesday in Manhattan federal courtroom, was submitted professional se, which means Bankman‑Fried is performing on his personal behalf reasonably than via authorized counsel.
In the submitting, Bankman‑Fried contends that testimony from new witnesses might problem key facets of the prosecution’s narrative and probably solid doubt on the decision. He argues that this proof was not beforehand offered and will materially have an effect on the result of the case.
The movement doesn’t change his ongoing enchantment however represents an extra try to reopen the proceedings. The request follows comments Bankman‑Fried made earlier on Tuesday on social media during which he once more disputed the legitimacy of FTX’s chapter.
Bankman‑Fried Denies Insolvency Issues
From jail, he has more and more superior the argument that the corporate’s collapse was pushed by authorized and monetary maneuvering reasonably than legal wrongdoing.
He claimed that FTX was not bancrupt and mentioned he by no means approved a chapter submitting, alleging as an alternative that legal professionals assumed management of the corporate and shortly initiated chapter proceedings for their very own monetary profit.
Bankman‑Fried was convicted on all seven counts he confronted, together with fraud, conspiracy, and cash laundering, within the case United States v. Bankman‑Fried.
On March 28, 2024, the courtroom sentenced him to 25 years in federal jail and ordered him to forfeit roughly $11 billion, reflecting the dimensions of losses tied to the collapse of FTX.
Featured picture from OpenArt, chart from TradingView.com