- Sam Bankman-Fried is asking for 10 of the 13 prison fees towards him to be dismissed.
- His legal professionals argue that the federal government acted prematurely and overstepped its bounds.
- Different fees associated to financial institution fraud and corruption are additionally being contested for dismissal.
Sam Bankman-Fried, founding father of now-defunct ex-crypto trade FTX, has requested a US decide to dismiss 10 of 13 prison fees towards him in reference to the platform’s failure.
In a submitting filed in Manhattan federal court docket on Monday, Bankman-Fried’s authorized workforce claimed the US authorities unexpectedly filed the unique indictment towards him on Dec. 9, simply weeks after the insolvency. from FTX, in what they described as a “typical stampede”. to judgment”.
Bankman-Fried’s attorneys additional stated within the submitting that the federal government acted prematurely by not permitting typical civil and regulatory procedures to take their course in dealing with the case. In addition they accused the federal government of overstepping its bounds by trying to show these civil and regulatory issues into federal prison fees.
Bankman-Fried’s authorized workforce additionally argued {that a} marketing campaign finance cost ought to be dismissed as a result of it was not included within the give up warrant signed by the Bahamian authorities for his extradition.
Moreover, they argued that the US authorities had added new fees towards Bankman-Fried that went past the scope of the unique indictment and have been inappropriate. These fees alleged prison conduct that was not included within the authentic indictment.
Even when investigated, the fees should be dismissed as legally improper.
In the meantime, Bankman-Fried’s authorized workforce can also be looking for to produce other fees dismissed, akin to these associated to financial institution fraud, unlicensed cash transmission and bribery.
Moreover, its attorneys argued that the widespread market downturn in 2022 affected a number of different cryptocurrency exchanges, and FTX wasn’t the one main participant to wrestle because of the inventory market crash. They added that many different exchanges have been additionally affected by the market rout.
