Sam Bankman-Fried Loses Another Battle As Court Denies Request To Extend Sentencing Process

Sam Bankman-Fried, the embattled crypto executive who was found guilty of fraud, lost another battle as a court denied his request to delay a pre-sentencing interview and extend his sentencing process.

The sentencing is set for March 28.

But, Bankman-Fried's team asked the court to extend the sentencing, saying the crypto mogul, who was once dubbed the "golden boy of crypto," faces a possible second trial on additional charges on March 11.

The defense also asked the court to delay Bankman-Fried's pre-sentencing interview with the U.S. Probation and Pretrial Services System on Thursday.

"We submit that Mr. Bankman-Fried should not begin the sentencing process on the counts of conviction, including the presentence interview, until the severed counts are resolved," the letter filed by Bankman-Fried's team on Wednesday read. "Doing so could potentially result in a separate PSR and a separate sentencing hearing on conduct that was already part of the government's proof at trial."

"For these reasons, the defense respectfully requests that the court adjourn the sentencing hearing to a date convenient for the court in early-mid May 2024. We also ask that the Court postpone the dates for the first and second disclosure of the PSR by an equivalent amount of time," it added.

District Judge Lewis Kaplan of the Southern District of New York, who presides over Bankman-Fried's case, denied the motion, noting that the defense did not object when the court originally set the crypto mogul's sentencing date.

"The defendant's application, dated December 20, 2023, to adjourn the sentencing date and to postpone the dates for the first and second disclosures of the PSR is denied. The sentencing date was fixed without objection from the defendant. The defendant already has been granted one extension for the filing of sentencing submissions. The defendant already has had over six weeks in which to prepare for the presentence interview, which shall take place tomorrow as scheduled," the judge said in his ruling.

Moreover, the judge said that if the Department of Justice decides to proceed to a second trial on bank fraud and other charges, the sentencing could be delayed.

The former crypto billionaire was found guilty on seven counts of fraud for allegedly misusing billions in customer funds before the spectacular collapse of his crypto empire, FTX. The charges include two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy and one count of money laundering conspiracy.