FTX Founder Sam Bankman-Fried to Be Tried on Original Charges OnlyAllgemein
• The US Department of Justice has agreed to only try FTX founder and former CEO Sam Bankman-Fried on the original eight charges brought against him in December 2022.
• Bankman-Fried was arrested in Bahamas and extradited to the U.S. last year, and five additional charges were brought against him as superseding indictments this February and March.
• A court in the Bahamas blocked the government from agreeing to those additional charges until Bankman-Fried’s defense team has had a chance to fight against that approval, so prosecutors have agreed to proceed with only the original eight charges for now.
U.S. Justice Department Agrees To Try Sam Bankman-Fried on Original Charges Only
The U.S. Department of Justice (DOJ) has agreed to try FTX founder and former CEO Sam Bankman-Fried on the original eight charges brought against him last December 2022, after a court in the Bahamas blocked local government from agreeing to additional charges.
Background On Sam Bankman-Fried’s Charges
Bankman-Fried faces 13 total charges, including wire fraud, securities fraud, money laundering, bank fraud, operating an unlicensed money transmitter business and bribery. Five of these were brought as superseding indictments this February and March 2023; however, a court in the Bahamas prevented local government from agreeing to those additional charges until Bankman-Fried’s defense team had a chance to challenge them first.
U.S Prosecutors Agree To Try Bankman-Fried On Original Eight Charges
In order to simplify proceedings at trial and decrease burden on defendant, U.S prosecutors wrote late Wednesday night that they would only pursue counts four (fraud on FTX customers tied to derivatives), six (securities fraud against FTX investors), nine (conspiracy to commit bank fraud), ten (conspiracy to operate an unlicensed money transmitter business) and thirteen (conspiracy to bribe foreign government officials) of the latest superseding indictment for now – which are all part of the original eight count indictment from December 2022 – due uncertainty surrounding when The Bahamas will render its decision regarding specialty agreement for other five counts put forward by U.S prosecution team earlier this year..
Motion To Dismiss Filed By Defense Team Last Month
Bankman-Fried moved last month for dismissal of most of the 13 totalcharges brought against him due attorneys arguing Bahamiangovernment need agree any additional counts before formerCEO could be tried– given he was arrestedinBahamasandextraditedtotheU.Slastyear…
Although decision about whether or not proceed withadditionalchargetobetakenbyBahamiancourtsintimefor US trial remains uncertain; DOJ have agreedto proceed withoriginaleightcharges—asputforthinDecember2022—forthenearfutureuntilthatdecisionismadeatwhichpointtheymayproceedwithotherfivecountsaswellifagreementgrantedfromBahamiancourtauthorities