FTX Fraud Victims to Get a Website for Court Proceeding Communication & Federal Rights

Author: Sohrab Khawas

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    US Government is planning to launch a website for FTX U.S victims to notify them regarding their court proceedings and federal rights. Lewis A Kaplan has been appointed as the District Judge for this case. Even though the judge did not make a direct comment on the launch of the website, it is still under consideration by the Federal Court.

    Federal prosecutors have 7 charges against Sam Bankman-Fried (SBF). It includes wire fraud, conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the United States and violate campaign finance laws. SBF has pleaded not guilty to these charges even though he admitted to mismanagement of the funds of his company. 

    Ever since FTX collapse, more than one million FTX users have been affected. There are mainly 3 categories of victims – customers of,  investors of, and lenders of Alameda Research. The U.S. prosecutors notified the District Judge that it is impractical to contact one million users by email or phone. Hence, they have requested the Judge to launch a website for court proceeding notifications and further announcements related to the case. 

    Meanwhile, the victims can send emails to Victim/ Witness Coordinator – Wendy Olsen Clancy on the email [email protected] regarding the loses and claims for justice. These emails will be monitored individually and replied to if the coordinator finds that he/ she is a genuine victim. The verification of 1 million victims is going to be a time-consuming task but the necessary measures have been taken to make the process smooth. 

    Federal crime victims have the following rights :

    1. The right to be reasonably protected from the accused.
    2. The right to reasonable, accurate, and timely notice of any public court proceeding, or any parole proceeding, involving the crime or of any release or escape of the accused.
    3. The right not to be excluded from any such public court proceeding, unless the court, after receiving clear and convincing evidence, determines that testimony by the victim would be materially altered if the victim heard other testimony at that proceeding.
    4. The right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.
    5. The reasonable right to confer with the attorney for the Government in the case.
    6. The right to full and timely restitution as provided in law.
    7. The right to proceedings free from unreasonable delay.
    8. The right to be treated with fairness and with respect for the victim’s dignity and privacy.
    9. The right to be informed in a timely manner of any plea bargain or deferred prosecution agreement.
    10. The right to be informed of the rights under this section and the services and provided contact information for the Office of the Victims’ Rights Ombudsman of the Department of Justice.
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