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Sam Bankman-Fried’s FTX fraud trial may be delayed

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A U.S. District Judge may postpone the fraud trial of Sam Bankman-Fried, the founder of collapsed cryptocurrency exchange FTX.

Bankman-Fried’s lawyers argue they have not had enough time to review the evidence crucial for building his defence.

U.S. District Judge Lewis Kaplan, presiding over the case in Manhattan, suggested a potential five-month delay to the hearing initially slated for October 3 during a virtual hearing.

Bankman-Fried’s defence lawyers contended that the Metropolitan Detention Center in Brooklyn had failed to provide their client with the necessary hard drives containing evidence for thorough review.

At 31 years old, Bankman-Fried has entered a not guilty plea against charges of fraud and conspiracy linked to the collapse of his cryptocurrency exchange in November 2022, leading to its subsequent bankruptcy.

Judge Kaplan ordered Bankman-Fried’s incarceration on August 11, citing concerns that the former billionaire had tampered with witnesses while on $250 million bail, confined to his parents’ residence in Palo Alto, California.

His legal team sought his return to his parents’ custody, arguing that it would allow him to adequately prepare for the upcoming trial.

Judge Kaplan, while open to considering a delay, emphasised that the volume of evidence alone might not warrant postponement.

He emphasised the necessity for the defence to demonstrate a genuine and unforeseen need for the delay.

He also proposed the potential consolidation of Bankman-Fried’s trial with a previously scheduled trial on March 11, 2024, pertaining to additional charges stemming from his extradition from the Bahamas in December 2022.

Mark Cohen, Bankman-Fried’s lawyer, acknowledged the need for a swift decision regarding any delay request.

Judge Kaplan had previously denied a defence plea to exclude around 4 million pages of documents stored on Google, which were turned over by prosecutors last week.

Bankman-Fried’s legal team argued that the avalanche of evidence hindered his constitutional right to a fair trial.

The prosecution, led by the U.S. Attorney’s Office in Manhattan, attributed the delayed submission of evidence to Google’s slow response to a subpoena.

They clarified that the majority of the evidence was sourced from Bankman-Fried’s personal Google account, which he had access to before his bail was revoked.

In a recent development, the prosecution delivered a hard drive containing evidence to Bankman-Fried’s location at the Metropolitan Detention Center. As deliberations continue, the fate of the trial hangs in the balance, awaiting a decision that will address both the concerns of the defence and the need for a fair legal process.

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Survival of the fittest: the future of hospitality demands adaptability

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Exploring the highs and lows of business with a hospitality veteran.

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by Nick Russian, Managing Director of Russian Entertainment. #wyld money #trending

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Ultra-processed diets could be the hidden path to weight gain

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Understanding calories and their role in dieting on the human body.

Calories, units of energy from food, are vital for bodily functions, and calorie counting helps manage weight by tracking energy intake. However, recent insights reveal that not all calories are equal, and nutritional quality is crucial.

Processed foods, rich in added sugars, unhealthy fats, and sodium, lack essential nutrients, contributing to obesity and diseases.

Kate Save from BeFitFood joins to discuss.

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Online shopping and the pivotal issue of returns continues

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Big businesses are continuing to balance customer expectations and logistics.

While many love the convenience, there are still significant challenges with delivery and returns. From delayed packages to cumbersome return processes, its clear that there’s room for improvement.

Ticker’s Ahron Young & Mike Loder discuss.

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