Bankman-Fried wants to drop the criminal charges against FTX
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The founder of the FTX crypto exchange, Sam Bankman-Fried, has filed a petition to the court to drop the criminal charges brought against him after the collapse of the exchange last year.
He writes about it Financial Times.
Bankman-Fried’s lawyers raised a number of objections, including that the new charges against Bankman-Fried, brought after his extradition from the Bahamas in December, were improper.
The defense insists that some of the transactions that the investigation considers illegal took place outside the United States and that Bankman-Fried’s campaign contributions to political parties were legal.
Last year, U.S. prosecutors charged the founder of FTX with running a massive scheme to defraud customers and creditors of FTX and its related Alameda hedge fund before their collapse in November, when a multibillion-dollar hole in the company’s balance sheet was revealed .
He initially faced eight criminal charges, including wire fraud, conspiracy to commit money laundering and conspiracy to violate campaign finance laws. Prosecutors later added five more counts, including securities fraud and conspiracy to violate anti-bribery laws.
The defense claims that such accusations are “vague and unspecific.” So Bankman-Fried and lawyers are trying to prove in court that the extradition treaty between the United States and the Bahamas was violated when prosecutors filed additional charges after he arrived in the United States.
A court hearing in the criminal case is scheduled for October, although lawyers have indicated that they may request that it be postponed.
Three of Bankman-Fried’s former colleagues — Caroline Ellison, Gary Wang and Nishad Singh — have already pleaded guilty to charges related to the bankruptcy and agreed to cooperate with prosecutors.
Read also: FTX Collapse: How Sam Bankman-Fried Collapsed the $30 Billion Crypto Giant
We remind you:
The founder of the bankrupt crypto exchange FTX, Sam Bankman-Fried, is expected to does not recognize pleaded guilty to new criminal charges that include conspiracy to violate campaign finance laws and bribery of Chinese authorities.
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