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Extradition delay prompts request to postpone SEC trial of former Terra CEO Do Kwon

SEC

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TL;DR

  • Ex-CEO Do Kwon’s SEC trial was delayed due to Montenegro extradition issues, and arrival is not expected before February or March.
  • Kwon’s lawyers seek trial delay or jury instruction to avoid bias over his absence.
  • Kwon and SEC request summary judgment, complicating the trial set for late January.

The former CEO of Terra, Do Kwon, is facing a delay in his Securities and Exchange Commission (SEC) trial as his extradition proceedings in Montenegro are taking longer than expected. 

Kwon’s counsel has requested the U.S. court postpone the trial until his arrival, expecting him won’t be in the United States until February or March. Should the court decline the postponement, Kwon’s counsel has requested that the jury be instructed not to view his absence as unduly prejudicial. The trial is currently scheduled to commence at the end of January.

Do Kwon’s extradition process has encountered delays primarily due to successful appeals lodged by his counsel in Montenegro. The Montenegro high court initially approved his extradition to either the United States or South Korea, but the Appeals Court has ordered a retrial due to procedural issues. This legal battle has prolonged the extradition, uncertain Kwon’s arrival date.

Summary judgment filings by Kwon and the SEC

In the United States, both Do Kwon and the SEC have filed for summary judgment in their ongoing legal dispute. Each party has urged a federal judge to rule in their favor without proceeding to trial, arguing that the opposing party has failed to sufficiently substantiate their case. This move adds another layer of complexity to the legal proceedings.

Do Kwon’s legal team has formally requested the U.S. court to postpone the SEC trial due to the uncertainty surrounding Kwon’s extradition timeline. 

They argue that the extradition process in Montenegro is not progressing as planned, and it is unlikely that Kwon will be able to appear in the United States until at least February or March. This delay, they contend, would impede Kwon’s ability to fully participate in his defense.

Suppose the court decides against postponing the trial. In that case, Kwon’s counsel has requested that the jury be instructed not to consider Kwon’s absence and inability to testify as unduly prejudicial to him. Given the circumstances surrounding his extradition, this preemptive measure aims to minimize any potential bias against Kwon.

Trial date set for end of January

The SEC trial against Do Kwon and his former company, Terra, is scheduled to commence at the end of January. However, with the uncertainty regarding Kwon’s extradition, this date may need to be reevaluated by the court in light of the recent developments and the request for postponement.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Benson Mawira

Benson is a blockchain reporter who has delved into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), etc.His area of expertise is the cryptocurrency markets, fundamental and technical analysis.With his insightful coverage of everything in Financial Technologies, Benson has garnered a global readership.

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