- 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.
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.
SBF’s Legal Team Argues for Dismissal
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.
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.
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
- The court released Sam Bankman-Fried on a $250 million bail bond, an unprecedented amount.
- Court filings in the FTX bankruptcy case alleged that SBF and other insiders took $3.2 billion in personal loans from FTX.
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
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