Judge Lewis A. Kaplan has granted an extension for the legal team of disgraced FTX founder, Sam Bankman-Fried, to submit their post-trial motions on December 1st, 2023.
Originally due November 20th, 2023, the defense’s post-trial motions serve as a critical moment in the case, particularly in regards to potentially obtaining a new trial.
According to the signed order dated November 17th, the U.S. government’s response to the motion is now due on December 22nd, 2023.
The post-trial motions extension is the latest development in Bankman-Fried’s legal saga following his full conviction on seven different fraud-related charges in Manhattan federal court earlier this month.
Numerous associates of Bankman-Fried testified against him in the nearly month-long trial, alleging that the FTX founder allowed sister company, Alameda Research, a $65 billion line of credit used for venture investments, political donations, and real estate purchases.
Shortly after the verdict was announced, Bankman-Fried’s lawyers declared that they would “vigorously fight the charges.”
The daunting FTX cleanup is being led by attorney John Jay Ray III. Ray specializes in recovering funds from problematic companies and previously reclaimed over $820 million on behalf of customers of now-defunct energy company, Enron.
“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” Ray stated in a 2022 court filing.
If a U.S. bankruptcy court approves an amended settlement put forward in October 2023, customers could receive “over 90% of distributable value worldwide.
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