important point
- FTX’s Sam Bankman-Fried wants to drop 10 criminal charges for redundant and improper prosecutions.
- This comes after SBF pleads innocent on all counts
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Sam Bankman-Fried (SBF), former CEO and founder of failed cryptocurrency exchange FTX and research group Alamada Research, is about to drop 10 criminal charges. The government has jumped in with both feet, inappropriately seeking to turn these civil and regulatory matters into federal crimes. ” according to to the original motion to dismiss filed on May 8.
The former CEO’s legal team added two additional counts to be dismissed on May 8 and is seeking dismissal based on overlapping charges.
The Southern District Court of New York Three charges: conspiracy to commit commodity fraud, conspiracy to commit securities fraud, and conspiracy to commit money laundering.The legal team filed one charge of “conspiracy to defraud the United States” based on campaign finance violations, and “only the first seven counts referenced in diplomatic documents were allowed to be extradited, but the United States A final count of conspiracy to defraud and violate campaign finance laws.” [are] support that claim. “
Here are the official court documents detailing why the charges should be dropped:
“Mr. Bankman-Fried was not defrauded by anyone, nor did he intend to be deceived.”
Bankman-Fried is Arrested in the Bahamas in December 2022 and was eventually indicted on 13 criminal charges.Many refer to customer fraud and bank fraud, and ultimately Collapse of the FTX ExchangeHe was immediately extradited to the United States on eight counts of fraud and money laundering, with more charges added as the investigation uncovered evidence.
What happened with FTX looks like a good old scam. I am pleased that prosecutors are investigating what happened to ensure that everyone who committed the crime is held accountable for what they did.
— Senator Cynthia Lummis (@SenLummis) December 13, 2022
He was also charged with bribing one or more Chinese officials for $40 million on March 28. “Directed and caused the transfer of at least approximately $40 million in cryptocurrency for the benefit of one or more Chinese government officials.” according to on the docket:
“SBF stole FTX customer deposits and used billions of dollars in stolen funds for various purposes.”
Bankman-Fried has pleaded not guilty on all counts. Prosecutors are required to respond by May 29, and a dismissal hearing is scheduled for June 15.