Judge Rejects SBF’s Request for Sentencing Delay

Sam Bankman-Fried, former CEO of the now-bankrupt cryptocurrency exchange FTX, is set to face his pre-sentence interview with the U.S. Probation and Pretrial Services System later today. His lawyers had sought to reschedule his sentencing from March 28 to early to mid-May 2024, citing the need for more time to prepare due to the complexity of the case and pending government disclosures, which are not expected until February 2. They argued that the defense needs to gather materials necessary for the sentencing submission and prepare for the pre-sentence interview.

Judge Kaplan noted that the defense had not previously objected to the sentencing date and that Bankman-Fried had already been granted an extension for filing sentencing submissions. He emphasized that the defendant had six months to prepare for the pre-sentencing interview.

This decision comes amidst Bankman-Fried’s second trial, set to begin on March 11, over charges related to alleged bank fraud and bribing Chinese government officials. The defense had also raised concerns about whether the government would proceed with these charges.

Sam Bankman-Fried was found guilty on Nov. 2 of defrauding FTX customers and investors, with the trial uncovering extensive misuse of customer funds. FTX filed for bankruptcy last November, marking one of the most significant collapses in the cryptocurrency industry.

The case continues to unravel, shedding light on the opaque and often risky nature of cryptocurrency exchanges and their management.

The decision by Judge Kaplan to deny the request for a delay reflects the court’s commitment to proceeding with the legal process without undue postponements, ensuring a timely resolution to a case that has significant implications for the crypto industry and its regulatory landscape.