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News

SBF Asks US Judge To Drop Criminal Charges Of FTX Bankruptcy

May 9, 2023 - Around 3 mins mins to read

Key Points:

  • Former FTX CEO Sam Bankman-Fried (SBF) to petition the US judge to dismiss the criminal charges against him.
  • The reason given by Sam’s attorney was that some of the charges did not specify criminal conduct.
  • Previously, Sam only pleaded guilty to negligence in management and lack of hedging and denied all charges of fraud and conspiracy to commit fraud.
Sam Bankman-Fried (SBF), who is believed to be primarily responsible for the collapse of FTX, has asked a US judge to drop criminal charges against him over the now-bankrupt FTX collapse.
SBF Asks US Judge To Drop Criminal Charges Of FTX Bankruptcy

According to Reuters, former FTX CEO Sam Bankman-Fried (SBF) asked a US judge on Monday to dismiss criminal charges against him by US prosecutors over the collapse of FTX. is now bankrupt.

In a filing filed in Manhattan federal court, SBF’s attorneys said some charges do not represent criminal conduct. Earlier, federal prosecutors in Manhattan said Bankman-Fried stole billions of dollars in FTX customers’ funds to cover losses at Alameda, purchase real estate, and make political contributions through a straw donation scheme illegal. They also accused him of bribing Chinese officials.

FTX quickly exploded following a series of customer withdrawals after it was reported that it had mixed assets with Alameda Research, Bankman-Fried’s crypto-focused hedge fund.

The SBF has faced a series of criminal charges from US prosecutors. In addition, his three powerful assistants – former co-CEO Alameda Caroline Ellison, former FTX chief technology officer Gary Wang and former FTX technical director Nishad Singh – all pleaded guilty and agreed to cooperate with prosecutors.

SBF Asks US Judge To Drop Criminal Charges Of FTX Bankruptcy

However, Sam, who is believed to be the mastermind of FTX and Alameda Research’s fraud scheme of the century, only admitted that FTX had inadequate risk management but denied 13 counts of fraud and conspiracy related involved in theft and non-transparency with customer funds and sought to stay away from the day-to-day operations of FTX.

Prosecutors have until May 29 to respond to Bankman-Fried’s motion to dismiss, and US District Judge Lewis Kaplan will hear arguments on June 15.

SBF has also been released on bail for $250 million from his parents and has been held at his parents’ home since he was arrested in December in the Bahamas, where he lived and where FTX’s headquarters are located. He was extradited to the United States just over a week after his arrest. SBF was also banned from using technology after prosecutors warned him against having access to witnesses.

Coincu will continue to update the situation related to Sam Bankman-Fried, you can find out more information through this article.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News

News

SBF Asks US Judge To Drop Criminal Charges Of FTX Bankruptcy

Key Points:

  • Former FTX CEO Sam Bankman-Fried (SBF) to petition the US judge to dismiss the criminal charges against him.
  • The reason given by Sam’s attorney was that some of the charges did not specify criminal conduct.
  • Previously, Sam only pleaded guilty to negligence in management and lack of hedging and denied all charges of fraud and conspiracy to commit fraud.
Sam Bankman-Fried (SBF), who is believed to be primarily responsible for the collapse of FTX, has asked a US judge to drop criminal charges against him over the now-bankrupt FTX collapse.
SBF Asks US Judge To Drop Criminal Charges Of FTX Bankruptcy

According to Reuters, former FTX CEO Sam Bankman-Fried (SBF) asked a US judge on Monday to dismiss criminal charges against him by US prosecutors over the collapse of FTX. is now bankrupt.

In a filing filed in Manhattan federal court, SBF’s attorneys said some charges do not represent criminal conduct. Earlier, federal prosecutors in Manhattan said Bankman-Fried stole billions of dollars in FTX customers’ funds to cover losses at Alameda, purchase real estate, and make political contributions through a straw donation scheme illegal. They also accused him of bribing Chinese officials.

FTX quickly exploded following a series of customer withdrawals after it was reported that it had mixed assets with Alameda Research, Bankman-Fried’s crypto-focused hedge fund.

The SBF has faced a series of criminal charges from US prosecutors. In addition, his three powerful assistants – former co-CEO Alameda Caroline Ellison, former FTX chief technology officer Gary Wang and former FTX technical director Nishad Singh – all pleaded guilty and agreed to cooperate with prosecutors.

SBF Asks US Judge To Drop Criminal Charges Of FTX Bankruptcy

However, Sam, who is believed to be the mastermind of FTX and Alameda Research’s fraud scheme of the century, only admitted that FTX had inadequate risk management but denied 13 counts of fraud and conspiracy related involved in theft and non-transparency with customer funds and sought to stay away from the day-to-day operations of FTX.

Prosecutors have until May 29 to respond to Bankman-Fried’s motion to dismiss, and US District Judge Lewis Kaplan will hear arguments on June 15.

SBF has also been released on bail for $250 million from his parents and has been held at his parents’ home since he was arrested in December in the Bahamas, where he lived and where FTX’s headquarters are located. He was extradited to the United States just over a week after his arrest. SBF was also banned from using technology after prosecutors warned him against having access to witnesses.

Coincu will continue to update the situation related to Sam Bankman-Fried, you can find out more information through this article.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News

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