According to white collar crime specialist Mark A. Kasten, a partner at law firm Buchanan Ingersoll & Rooney PC Counsel, Bankman-Fried’s path will be difficult as he looks to defend himself in what for now is an upcoming October trial.
“It’s certainly a very tough road for Bankman-Fried to hoe,” Kasten said.
According to Kasten, Bankman-Fried’s challenge now is making a case that counters the guilty pleas of Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang. Close associates of Bankman-Fried, Ellison and Wang have agreed to fully cooperate with government prosecutors.
“It’s going to be a very tough task for Bankman-Fried to ultimately prevail at trial,” Kasten said. And while Bankman-Fried could be hoping for leniency, he may end up with a more “severe sentence” than he originally bargained for, Kasten added.
From the prosecutor's perspective, they may appear “confident” in their case against Bankman-Fried, said Kasten, “[but] there's always some risk to the government at trial.”
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