What’s happening in the FTX and Sam Bankman-Fried trial?

Many clients and the media have been reaching out to us for a summary and likely outcome on the Bankman-Fried trial.

Attorney Ken Sterling was interviewed by James Durston of BTW Media on topic and here is what he shared:

“The trial is not going well for Bankman-Fried. In all probability, he will be convicted and sentenced to between 10 and 120 years in prison. The evidence against him is convincing and so far has not been explained well by the defence counsel. It’s not a good sign when the closest allies and an ex-lover provide testimony against the defendant.

“Bankman-Fried taking the stand is a risky move by the defence, he will not be able to explain the allegations or evidence away. His testimony so far that he acted under the advice of attorneys is weak and when pressed for specifics, he hasn’t been able to provide a sufficient “get out of jail free card.” Even if he consulted attorneys about the issues at FTX and even if they provided certain advice about how to act, the level of fraud and deceit the prosecution has shown is devastating to Bankman-Fried.

“FTX had over one million customers and billions of dollars are lost. In comparison, Bernie Madoff was sentenced to 125 years, had 40,000 victims and $20 billion in cash losses. Elizabeth Holmes received seven years and although it’s arguable her investors were sophisticated and some even complicit in her wrongdoing, that doesn’t excuse the nearly 1.5 million people who inserted pins into their fingers on her behalf.

“In my opinion Bankman-Fried’s sentence will contemplate the blatant fraud and number of victims.”

For the full article, click here.