Cryptocurrency

Prosecutors withdraw 5 charges against Sam Bankman-Fried to ensure trial proceeds on schedule

Attempts by defamed FTX founder Sam Bankman-Fried to drop some of the charges from the indictment have prompted prosecutors to tell the court that five of the new charges from the case have been “rejected.” It may have backfired in response to a request to “detach”.

New York federal prosecutors made this claim. letter It was filed on June 15, before Chief Justice Louis Kaplan.

The dismissed charges will instead be imposed in 2024 and tried in separate courts, leaving SBF facing two lawsuits going forward.

Bahamas intervene

SBF lawyers recently argued before judges in both the United States and the Bahamas that five of the charges against the FTX founder were not included in the extradition claim and therefore should not be included in the trial.

They filed a motion to dismiss the charges in the Bahamas on June 7.

In response to the move, a Bahamas judge issued an order on June 14 to reconsider the case to see if U.S. prosecutors took due steps in making the new charges. bottom.

Prosecutors initially said they would not drop the charges if the Bahamas Attorney General agreed. But the country’s Supreme Court blocked the move, saying the SBF had the right to challenge additional charges.

disconnected charge

Not wanting to take any chances, federal prosecutors have opted to drop charges levied outside the extradition request, including charges related to bribery of foreign officials and illegal political contributions.

Prosecutors said they decided to drop new indictments to avoid delays in the process, as the review in the Bahamas could take a “long period of time.”

they wrote:

“Currently, it appears that litigation on that allegation will take time and may not be resolved until near or after the court date.”

The current trial is proceeding as scheduled and includes only the original eight charges listed in the extradition agreement with the former billionaire.

However, the SBF will have to face charges at a later date, as the “termination of the contract” will give the US government enough time to settle its issues with the Bahamas.

An article first appeared on CryptoSlate that prosecutors have dropped five charges against Sam Bankman-Fried to ensure court proceeds go on schedule.

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