Sam Bankman-Fried (SBF) wants the court to dismiss all the fraud charges as the majority of the charges were initiated against him after his extradition to the US.
Sam Bankman-Fried (SBF) is a co-founder & former CEO of the FTX exchange. FTX was the second-ranked crypto trade platform, until Nov 2022. Allegedly SBF misused customers’ funds for personal benefits e.g purchasing using expensive gifts, Private jets, & political donations, etc. On 19 Nov 2022, the FTX team filed for bankruptcy in a US bankruptcy court under the Chapter 11 code.
At present, SBF is facing up to 10 fraud charges in the US court, which include conspiracy to commit commodities fraud, conspiracy to commit securities fraud, and conspiracy to commit money laundering. So far court hearings failed to prove any fraud charge against him.
On 8 May 2023, SBF representative lawyers filed a motion in the court to dismiss all the charges except three criminal charges (committing commodities fraud, conspiracy to commit securities fraud, and conspiracy to commit money laundering).
Initially when SBF was extradited from the Bahamas to the US then there were only 8 criminal charges against him & his extradition agreement was approved on behalf of these charges in the US jurisdiction.
Now SBF lawyers claimed that 4 out of 5 charges were initiated against SBF after his extradition to the US and laws don’t allow to charge any person additional after extradition. Now it will be interesting what will be the court judge’s response following this court motion.
Besides these charges, SBF lawyers are also working separately to dismiss charges related to “conspiracy to defraud the United States” and charges relating to wire fraud and conspiracy to commit wire fraud.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.