The criminal trial of Sam Bankman-Fried has encountered a significant setback due to the late production of essential evidence by prosecutors.
The former CEO of FTX, Sam Bankman-Fried, is currently facing a criminal trial with a myriad of fraud charges. However, his defense team has raised concerns about the late production of evidence by prosecutors, which they claim is crucial for mounting an effective defense. According to Bankman-Fried’s lawyers, over 3.6 million documents have yet to be provided by the government, despite discovery deadlines that have already passed.
In a letter addressed to United States District Judge Lewis A. Kaplan on June 5, Bankman-Fried’s attorneys highlighted the government’s failure to turn over the contents of five electronic devices that were supposed to be part of the discovery process. These gadgets included an iPhone and laptop owned by Caroline Ellison, the former CEO of Alameda Research, as well as a laptop owned by Gary Wang, the co-founder of FTX.
The defense team voiced worry that their ability to adequately prepare for the impending trial, which is set to begin on October 2, will be hampered by the delayed production of such significant and copious material.
Bankman-Fried is facing a range of charges, including fraud, allegations of illegal political donations, and accusations of bribing the Chinese government. Despite the late evidence production, he is reluctant to adjourn the trial date. However, the defense team mentioned the possibility of filing additional motions based on the newly produced evidence, should it provide grounds for such actions.
Furthermore, the defense team criticized the government’s failure to provide information related to FTX debtors. This lack of disclosure is seen as another hindrance to the defense’s ability to adequately prepare for trial.
The letter revealed that the five productions of evidence received so far amount to a staggering 3.6 million documents and over 10 million pages. The most recent production, received on May 25, accounted for nearly 2.5 million documents, effectively tripling the volume of existing discovery.
In a separate development, it has been reported that FTX bankers, who are tasked with salvaging the struggling company, are exploring the possibility of selling shares in an AI stock that is part of the current FTX portfolio. This move could potentially provide much-needed liquidity for the embattled company, allowing it to navigate the challenging financial circumstances it currently faces.