US
prosecutors in court documents, which were filed on Monday, opposed pre-trial motions
filed by FTX’s Co-Founder Sam Bankman-Fried’s lawyers to dismiss a number of the
13 charges against him. In one of the filings, the prosecutors said the motions were “meritless.”
In late
2022, Bankman-Fried was arrested in the Bahamas over the collapse of the now-bankrupt
cryptocurrency exchange, FTX. The arrest came after criminal charges were filed
against him in the United States. Some of the charges include conspiracy to commit wire, bank and
securities fraud, to operate an unlicensed money transmitting business, commit
money laundering and make unlawful political contributions.
In March,
prosecutors slammed the disgraced entrepreneur with an additional charge:
conspiracy to violate the anti-bribery provisions of the Foreign Corrupt
Practices Act. He is alleged to have paid
$40 million in bribes to Chinese officials to unfreeze certain accounts
belonging to FTX’s sister trading firm Alameda Research.
In early
May, Bankman-Fried lawyers filed pre-trial motions to dismiss several of the charges,
including those related to conspiracy to commit wire fraud on FTX customers and
Alameda lenders. However,
the motions did not counter the securities fraud and money laundering charges against the former CEO of FTX.
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Meanwhile, the lawyers argued that the indictment against
Bankman-Fried include extra charges that run afoul of extradition
terms agreed with the Bahamas. Furthermore, the lawyers in one of the motions sought
to dismiss charges of
conspiracy to commit wire fraud, operate an unlicensed money transmitting
business, make unlawful political contributions and defraud the Federal
Election Commission as well as violate the anti-bribery provisions of the
Foreign Corrupt Practices Act.
Opposing
these charges, they cited “the rule of specialty, or in the alternative, for
disclosure of additional discovery from the Government.” The discovery process is a pre-trial procedure
that allows parties in a lawsuit to gather information about the case from each
other.
However,
reacting via its court’s latest filing, US prosecutors defended the charges.
With regards to the extradition terms, they noted that they have not violated the terms as the agreement
permits extra charges post-extradition with the consent of the Bahamas.
Regarding the lawyers’ opposition
to charges of campaign finance law violation in which Bankman-Fried is accused of fraudulent political donations
through his former executives,
prosecutors said their indictment contained enough details of attempts that the former FTX boss had made to
hide the conduct.
Bankman-Fried’s trial is scheduled to start on October 2, 2023. In January, he pleaded
not guilty to the charges
against him. The former crypto mogul could get up to 115 years in prison sentence if
convicted.
Options’ Paris office; BidX’s new Liquidity Manager; read today’s news nuggets.
US
prosecutors in court documents, which were filed on Monday, opposed pre-trial motions
filed by FTX’s Co-Founder Sam Bankman-Fried’s lawyers to dismiss a number of the
13 charges against him. In one of the filings, the prosecutors said the motions were “meritless.”
In late
2022, Bankman-Fried was arrested in the Bahamas over the collapse of the now-bankrupt
cryptocurrency exchange, FTX. The arrest came after criminal charges were filed
against him in the United States. Some of the charges include conspiracy to commit wire, bank and
securities fraud, to operate an unlicensed money transmitting business, commit
money laundering and make unlawful political contributions.
In March,
prosecutors slammed the disgraced entrepreneur with an additional charge:
conspiracy to violate the anti-bribery provisions of the Foreign Corrupt
Practices Act. He is alleged to have paid
$40 million in bribes to Chinese officials to unfreeze certain accounts
belonging to FTX’s sister trading firm Alameda Research.
In early
May, Bankman-Fried lawyers filed pre-trial motions to dismiss several of the charges,
including those related to conspiracy to commit wire fraud on FTX customers and
Alameda lenders. However,
the motions did not counter the securities fraud and money laundering charges against the former CEO of FTX.
Keep Reading
Meanwhile, the lawyers argued that the indictment against
Bankman-Fried include extra charges that run afoul of extradition
terms agreed with the Bahamas. Furthermore, the lawyers in one of the motions sought
to dismiss charges of
conspiracy to commit wire fraud, operate an unlicensed money transmitting
business, make unlawful political contributions and defraud the Federal
Election Commission as well as violate the anti-bribery provisions of the
Foreign Corrupt Practices Act.
Opposing
these charges, they cited “the rule of specialty, or in the alternative, for
disclosure of additional discovery from the Government.” The discovery process is a pre-trial procedure
that allows parties in a lawsuit to gather information about the case from each
other.
However,
reacting via its court’s latest filing, US prosecutors defended the charges.
With regards to the extradition terms, they noted that they have not violated the terms as the agreement
permits extra charges post-extradition with the consent of the Bahamas.
Regarding the lawyers’ opposition
to charges of campaign finance law violation in which Bankman-Fried is accused of fraudulent political donations
through his former executives,
prosecutors said their indictment contained enough details of attempts that the former FTX boss had made to
hide the conduct.
Bankman-Fried’s trial is scheduled to start on October 2, 2023. In January, he pleaded
not guilty to the charges
against him. The former crypto mogul could get up to 115 years in prison sentence if
convicted.
Options’ Paris office; BidX’s new Liquidity Manager; read today’s news nuggets.
