In a significant legal update, the attempt by Sam Bankman-Fried, the former CEO of FTX, to have 10 out of 13 criminal charges against him dismissed has been rejected. The ruling was made by Judge Lewis Kaplan, overseeing the case at the United States District Court for the Southern District of New York, as per a June 27 filing.
Bankman-Fried’s legal representatives submitted motions in early May aiming for the dismissal of multiple charges, which would have resulted in only three counts remaining: conspiracy to commit commodities fraud, securities fraud, and money laundering.
Citing precedents from the U.S. Court of Appeals for the Second Circuit, Judge Kaplan primarily negated the reasons for the motions.
Dismissing charges is considered an “extraordinary remedy” utilized in strictly confined circumstances, and is an ‘extreme sanction’ upheld only in very limited, extreme situations, particularly where serious criminal conduct is implicated, he stated.
Consequently, Bankman-Fried is set to face all 13 charges out of which 8 charges initially levied in December 2022, along with four extra counts added in February 2023, and one count in March 2023 concerning alleged bribery of a Chinese government official.
Due to SBF’s extradition from Bahamas the last five counts, they will be dealt with in a separate trial set for March 2024. The first trial is slated to commence in October.
Also Read: Bahamas Court Rules in Favor of SBF in US Extradition Talks
