Here’s How SBF’s Daring Appeal for Court Dismissal Works

Sam Bankman-Fried’s legal team seeks to dismiss most charges against former FTX CEO, citing multiplicity and other grounds.

Sam Bankman-Fried holding his hands in a prayer while speaking to a judge, lawyer on his left is looking at him.
Created by Kornelija Poderskytė from DailyCoin
  • SBF appealed to the court to dismiss ten out of the 13 charges related to the FTX collapse. 
  • The legal team argues that some charges are multiplicitous and prejudicial to SBF.
  • The outcome of this appeal may have significant implications for SBF’s legal defense. 

The ongoing legal battle over Sam Bankman-Fried’s (SBF) responsibility for the FTX bankruptcy continues to grab headlines. In a bold legal move, SBF appealed to the court to dismiss most of the charges against him concerning the FTX collapse. 

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On Monday, May 8, SBF’s legal team filed a series of motions to dismiss ten of the 13 charges against him concerning the FTX collapse. Specifically, they argued that some charges were multiplicitous, failed to state an offense, violated the extradition treaty with the Bahamas, or may unfairly prejudice the jury against him. 

In a series of motions, Sam Bankman-Fried’s legal team has argued against most charges against him. The team asked the court to dismiss ten out of 13 charges before the trial started.  

Firstly, SBF’s team claimed that counts nine and ten are multiplicitous and violate Double Jeopardy rules. These rules prohibit multiple charges for one offense. SBF’s lawyers argued that these charges might improperly prejudice the jury, creating an impression of more criminal activity than occurred. 

Secondly, SBF’s lawyers argue Courts 9, 10, 12, 13 violate the rule of speciality. The speciality rule prohibits adding new charges after extradition. Sam Bankman-Fried agreed to be extradited from the Bahamas on December 19, 2022. 

Finally, the defense argued that other counts fail either fail to state an offense or fail to allege a valid property right that SBF allegedly violated.

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The counts SBF’s lawyers are currently not contesting three charges. These are: 5, Conspiracy to commit commodities fraud, 6, Conspiracy to commit securities fraud and, 11, Conspiracy to commit money laundering. 

SBF’s Charges

Sam Bankman-Fried was indicted in December 2022 with eight charges. Charges include wire fraud and conspiracy to commit wire fraud on customers, and wire fraud on lenders. They also include securities and commodities fraud and money laundering. Count eight also included a conspiracy to violate campaign finance laws. 

On February 23, Federal prosecutors added four new criminal charges to the indictment. These include conspiracy to operate an unlicensed money-transmitting business, conspiracy to commit bank fraud, securities fraud, and fraud in connection with the purpose or sale of a derivative. 

The latest charge against SBF came on March 28, when prosecutors alleged that the FTX CEO tried to bribe Chinese officials

On the Flipside

Why You Should Care

The outcome of Sam Bankman-Fried’s trial will have broader implications for the crypto sector. This is especially true for the victims of crypto scams

Read about the potential plans to restart the FTX exchange following its bankruptcy: 

FTX Restart Plans: Everything You Need to Know

Read about Solana’s recently released Android phone: 

Solana’s Saga Phone Is Here: Web3 for the Masses?

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.