Why SBF Is Unlikely To Get A Plea Deal According To Lawyers!
With disgraced former FTX CEO Sam Bankman-Fried set to be scheduled for his hearing on January 3rd in New York City, the question of whether or not SBF will obtain a plea bargain ahead of his trial has been raised by many in the community.
Plea Bargain Unlikely
According to a number of notable lawyers, Sam Bankman Fried may not be able to receive a favorable deal from prosecutors, with many arguing that his position as CEO at the time of FTX’s collapse means that the former billionaire won’t be able to blame anyone else.
“The issue here that he faces is he is the head of FTX. The buck presumably stopped with him. So it’s hard to see how he could cooperate at all,” Ian McGinley, a former assistant US Attorney in the Southern District of New York told Coindesk on Tuesday.
McGinley also pointed out how two executives closely working with SBF, Alameda’s former CEO Caroline Ellison and FTX co-founder Gary Wang, had both pleaded guilty and essentially admitted to working with SBF to knowingly misuse funds.
“Now you have two people – two insiders – who were with him, presumably during all of the pivotal moments at stake in the case saying ‘We conspired with others, presumably Sam Bankman-Fried, and we intentionally did something wrong.” McGinley said.
Last week, another former Watergate prosecutor Nick Akerman told Yahoo Finance in an interview that Ellison & Wang’s confession had pretty much doomed SBF for his future trial.
Akerman said, “It’s going to be very tough, if not impossible, for him to go to trial on these charges. It seems to me that when you have two insiders that were that close to him basically laying out the scheme, it is almost virtually impossible to ever think that he could be acquitted by a jury.”
SBF In House Arrest
Until his hearing on January 3rd, Sam Bankman-Fried had been put under house arrest and placed to live with his parents in California for the time being.
Within the past week of being under house arrest, SBF had been said to have met with a number of people, including known crypto influencers like Tiffany Fong, who had previously spoken to and wrote stories on SBF multiple times, as well as popular blockbuster writer Michael Lewis.
I met with Sam Bankman-Fried last night.
I haven’t written anything thoughtful out about our conversation – I’m just sharing because I’m getting some questions about this. I’m still in holiday mode & am visiting family in SF atm, so please be patient.
— Tiffany Fong (@TiffanyFong_) December 28, 2022