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{"id":14647,"date":"2023-01-20T21:49:40","date_gmt":"2023-01-20T21:49:40","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/01\/20\/sbfs-anticipated-not-guilty-plea-was-a-smart-play\/"},"modified":"2023-01-20T21:49:41","modified_gmt":"2023-01-20T21:49:41","slug":"sbfs-anticipated-not-guilty-plea-was-a-smart-play","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/01\/20\/sbfs-anticipated-not-guilty-plea-was-a-smart-play\/","title":{"rendered":"SBF\u2019s anticipated not guilty plea was a \u2018smart play\u2019"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/01\/04\/sbfs-anticipated-not-guilty-plea-was-a-smart-play\/<\/a><\/br>
\nSBF\u2019s anticipated not guilty plea was a \u2018smart play\u2019<\/br>
\n2023-01-20 21:49:40<\/br><\/p>\n

\n

Sam Bankman-Fried\u2019s not<\/span> guilty plea<\/a> to several federal fraud charges was largely anticipated and something a few legal experts suggested was a tactical response.<\/p>\n

The former CEO of crypto exchange FTX, whose company collapsed in November, made the plea in Federal District Court in New York.<\/p>\n

It\u2019s very common in the federal criminal justice system for defendants to plead not guilty at their initial appearance, Mary Beth Buchanan, a former U.S. attorney now advising blockchain companies, said to TechCrunch.<\/p>\n

The expedited timeline of FTX\u2019s collapse<\/a> and the legal actions against those involved was unexpected and unprecedented.<\/p>\n

\n

\n\t\t\t\u201cPersonally, and judging only from what is publicly known, I think the chances of a plea bargain at the outset of the case are very slim.\u201d\t\t\t\t\t\t\tAnChain.AI’s Michael Fasanello<\/cite>\n\t\t\t\t\t<\/p><\/blockquote><\/div>\n

In less than two months, Bankman-Fried faced eight federal criminal charges, while others close to him \u2014 including FTX co-founder and former CTO Gary Wang and Alameda Research CEO Caroline Ellison \u2014 pleaded guilty to multiple charges<\/a> and accepted plea agreements.<\/p>\n

But Bankman-Fried pleaded not guilty \u201cbecause he had the absolute right to do so,\u201d Anthony Sabino, a professor of law at The Peter J. Tobin College of Business at St. John\u2019s University, said to TechCrunch. \u201cAnd it was the smart play. Keep your options open. Do not give the government an edge. Wait it out. A deal can always be made later.\u201d<\/p>\n

Michael Fasanello, crypto compliance officer at AnChain.AI, agreed. \u201cThe initial plea of \u2018not guilty\u2019 is really just a formality of process and recognition of the charges by the defendant.\u201d<\/p>\n

By pleading not guilty, it gives Bankman-Fried more room to try and strike a deal with prosecutors, if that\u2019s something he and his lawyers want, Sabino noted.<\/p>\n

Lewis Kaplan, the senior judge of the U.S. District Court for the Southern District of New York, set Bankman-Fried\u2019s next trial date for October 2. But not everyone expects that date to be set in stone or is confident that Bankman-Fried will hold his plea until then.<\/p>\n

\u201cThis is not a case where you want to either plead \u2018not guilty\u2019 and wage all-out war or plead \u2018guilty\u2019 and throw yourself on the mercy of the court,\u201d Fasanello said. \u201cThe middle ground is the sweet spot, here.\u201d<\/p>\n

Bankman-Fried\u2019s defense team will need more time to prepare, given the expected mountain of evidence to sift through, Sabino said. \u201cFar more important, it is more likely than not the prosecutors and SBF will talk a deal. So time will be needed to negotiate a plea bargain.\u201d<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/01\/04\/sbfs-anticipated-not-guilty-plea-was-a-smart-play\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/01\/04\/sbfs-anticipated-not-guilty-plea-was-a-smart-play\/ SBF\u2019s anticipated not guilty plea was a \u2018smart play\u2019 2023-01-20 21:49:40 Sam Bankman-Fried\u2019s not guilty plea to several federal fraud charges was largely anticipated and something a few legal experts suggested was a tactical response. The former CEO of crypto exchange FTX, whose company collapsed in November, made the plea in Federal District Court […]<\/p>\n","protected":false},"author":1,"featured_media":14648,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[17,8],"tags":[],"class_list":["post-14647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","category-technology"],"yoast_head":"\nSBF\u2019s anticipated not guilty plea was a \u2018smart play\u2019 - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/01\/20\/sbfs-anticipated-not-guilty-plea-was-a-smart-play\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBF\u2019s anticipated not guilty plea was a \u2018smart play\u2019 - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/01\/04\/sbfs-anticipated-not-guilty-plea-was-a-smart-play\/ SBF\u2019s anticipated not guilty plea was a \u2018smart play\u2019 2023-01-20 21:49:40 Sam Bankman-Fried\u2019s not guilty plea to several federal fraud charges was largely anticipated and something a few legal experts suggested was a tactical response. 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