Disgraced Ex-CEO of FTX, Sam Bankman-Fried, Seeks Dismissal of 10 out of 13 Criminal Charges
Sam Bankman-Fried, the former CEO of FTX, who previously pleaded not guilty in the US government's criminal case against him, is now attempting to dismiss 10 out of 13 charges, with his lawyers claiming that the indictment was rushed and that he is not guilty.
Because Bitcoin
May 9, 2023
Business Insider reported that Sam Bankman-Fried, the former co-founder of FTX who was implicated in the crypto exchange's downfall, has requested a US judge to drop 10 out of the 13 criminal charges filed against him. According to his lawyers, the US government hastily filed the initial indictment on December 9, less than a month after FTX went bankrupt, without allowing for customary civil and regulatory procedures to address the matter.
The lawyers argued that the government improperly turned civil and regulatory issues into federal crimes. Bankman-Fried's attorneys further contended that the new charges brought against him were beyond the original indictment and should be dismissed. The charges they are attempting to discharge include those involving bank fraud, unlicensed money transmitting, and bribery, among others. Moreover, they argued that a charge on campaign finance should be discharged because it was not included in the extradition warrant from the Bahamian government.
According to Bankman-Fried's attorneys, several other cryptocurrency exchanges were affected by the widespread market slump in 2022, not just FTX. "The market crash had a substantial impact on many of the leading players in this industry," they stated in their submission.
Bankman-Fried had entered a not guilty plea in the criminal case brought against him by the US government for his alleged involvement in FTX's failure. The former FTX CEO is scheduled to stand trial on October 2.
Resources: