Sam Bankman-Fried is back in his federal prison cell in Brooklyn after being found guilty for all seven charges in his criminal trial. His lawyers however, say the fight isn\u2019t yet over.<\/p>\n
Bankman-Fried\u2019s attorney Mark Cohen said in a Nov. 2 statement that Bankman-Fried \u201cmaintains his innocence and will continue to vigorously fight the charges against him.” <\/p>\n
If Bankman-Fried follows through then it\u2019s possible he will appeal after being sentenced. The first step would see the FTX co-founder file a notice of appeal in the New York District Court where he was just found guilty.<\/p>\n
Bankman-Fried was hit with a\u00a0guilty verdict\u00a0from the jury on late Nov. 2 in New York. United States Attorney Damian Willaims called Bankman-Fried one of the biggest financial frauds in American history and perpetrator of \u201ca multibillion-dollar scheme designed to make him the king of crypto.”<\/p>\n
Bankman-Fried\u00a0faces the possibility of an another criminal trial slated for March 11 on five charges of bribery conspiracy, conspiracy to operate an unlicensed money-transmitting business, bank fraud conspiracy along with derivatives and securities fraud.<\/p>\n
New York District Court Judge Lewis Kaplan gave government prosecutors a Feb. 1, 2024 deadline to confirm if they will still pursue the second trial. <\/p>\n
If that goes ahead, Bankman-Fried has the option to plead guilty which could help reduce his sentence.<\/p>\n
As for the recent guilty verdict \u2014 prosecutors will recommend a sentence by March 15, and will see Bankman-Fried will return to court for sentencing on March 28, 2024.<\/p>\n
Kaplan however, will have the final say on how much time Bankman-Fried will serve. If Bankman-Fried served the maximum sentences for his crimes back-to-back he would be in jail for 110 years. <\/p>\n
Kaplan, however, could instead decide that Bankman-Fried will serve his sentence concurrently. If so, his wire fraud, wire fraud conspiracy and money laundering conspiracy crimes alone each carry a maximum 20-year sentence.<\/p>\n
Former federal prosecutor turned crypto venture capitalist Kathryn Haun said in a Nov. 2 X (Twitter) post that she thinks Bankman-Fried will likely spend \u201cdecades in prison.\u201d<\/p>\n
In the meantime, Bankman-Fried will stay in jail at the Metropolitan Detention Center in Brooklyn where he\u2019s been incarcerated since Aug. 11 after breaking his bail conditions. <\/p>\n
Kaplan previously said the Brooklyn jail was \u201cnot on anybody\u2019s list of five-star facilities\u201d and during Bankman-Fried\u2019s time there before the trial, he complained about his lack of access to medication and vegan food. <\/p>\n