May 22, 2024

Brighton Journal

Complete News World

Sam Bankman-Fred wants to put his case out of court

Sam Bankman-Fred wants to put his case out of court

New York (CNN) Lawyers for FTX founder Sam Bankman-Fried on Monday filed motions to dismiss fraud charges against him from the US government.

Bankman-Fried’s lawyers said the government failed to clear up the crimes committed by the former CEO of the bankrupt crypto exchange. They urged the judge to drop most of the charges against him, which include fraud and bribery.

Bankman-Fried pleaded not guilty to the 13 counts.

Prosecutors allege that Bankman-Fried stole the deposits of FTX clients to fund risky bets at his hedge fund, Alameda Research, and to funnel contributions to US politicians.

FTX was one of the most respected and recognized crypto platforms before it collapsed into bankruptcy in November.

The government has two weeks to respond to requests from Bankman-Fried’s attorneys, and the judge has called the next hearing for June 15, when Bankman-Fried is expected to return to court.

Bankman-Fried, 31, is under house arrest on a $250 million bond. He is awaiting trial at his parents’ home in Palo Alto, California. Bankman-Fried acknowledged mismanagement of his company but denied involvement in the fraud.

Three of Bankman-Fried’s former business partners – Gary Wang, Caroline Ellison and Nishad Singh – have pleaded guilty to several charges and are cooperating with investigators.

If convicted on all charges, he could face more than 155 years in prison. The trial date has been set for October.

— CNN’s David Goldman contributed to this report