FTX CEO Sam Bankman-Fried Seeks Dismissal of Majority of Criminal Charges

May 9, 2023

온라인 슬롯 사이트

Bankman-Fried pleaded not guilty in several criminal charges brought up against him.

Charges

Sam Bankman-Fried, former CEO of crypto exchange FTX, has pretrial motions to dismiss a significant portion of the charges brought against him based on legal justifications. The trial is scheduled for October 2023, and his lawyers are seeking to dismiss charges like conspiring to commit wire fraud against FTX customers, wire fraud against FTX customers, and more. They argue that the prosecution failed to establish a valid property right and did not accurately “state an offense.”

📰 Sam Bankman-Fried has filed motions to dismiss all but three charges in the criminal case against him. The charges he is not contesting are:

5. Conspiracy to commit commodities fraud.

6. Conspiracy to commit securities fraud.

11. Conspiracy to commit money laundering.

— DG Crypto News (@dgcryptonews)

What SBF’s Lawyers Didn’t Try to Dismiss

SBF’s legal team did not request the dismissal of charges related to conspiracy to commit securities fraud, securities fraud, and conspiracy to commit money laundering. Prosecutors have until May 29 to respond to SBF’s request for dismissal, and a hearing to present arguments will take place on June 15 before U.S. District Judge Lewis Kaplan.

SBF’s Lawyers Believe the Prosecutors Charged Him Hastily

SBF’s lawyers have argued that prosecutors hastily charged their client in a “rush to judgment.” They further added, “Rather than wait for traditional civil and regulatory processes following their ordinary course to address the situation, the Government jumped in with both feet, improperly seeking to turn these civil and regulatory issues into federal crimes.”

Sam Bankman-Fried asks US court to dismiss criminal charges

— Cryptonary (@cryptonary)

Bankruptcy and Extradition

FTX declared bankruptcy in November, after a flurry of customer withdrawals in the wake of reports that it had commingled assets with Alameda Research, Bankman-Fried’s crypto-focused hedge fund. SBF has acknowledged that FTX had inadequate risk management but denies stealing funds.
Bankman-Fried was initially extradited to the U.S. from the Bahamas to face eight criminal charges of alleged fraud and money laundering. However, his legal team is arguing that four of the five additional charges that were added from February “violates the Treaty’s rule of specialty provision.” Under the “rule of specialty,” the requesting state (the U.S.) is generally bound to trial the extradited offender (SBF) only for the offense for which they were extradited.

Conclusion

Sam Bankman-Fried is seeking to dismiss up to 10 criminal charges against him, arguing that prosecutors failed to “state an offense” or to “allege a valid property right.” His legal team believes that prosecutors hastily charged their client, and there is a hearing scheduled on June 15 before U.S. District Judge Lewis Kaplan. Bankman-Fried has denied stealing funds from FTX, which declared bankruptcy in November 2022.

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