/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Supra_Et_Ultra_2023_7_25_94252.263_1440p_streamshot.png)
A federal judge overseeing the case against former FTX CEO Sam Bankman-Fried (SBF) has rejected proposals from his legal team seeking to dismiss all but three criminal charges against him.
On June 27, Judge Lewis Kaplan in the United States District Court for the Southern District of New York filed a petition Issued A memorandum opinion on proposals that would withhold discovery and disclosure of certain information related to the SBF’s criminal case. Bankman-Fried’s legal team filed petitions on May 8, aiming to have the judge dismiss 10 of the 13 criminal counts he faces, leaving only conspiracy to commit commodity fraud, conspiracy to commit securities fraud and money laundering. The conspiracy will remain.
The judge considered whether to dismiss 10 charges, which included wire fraud, conspiracy to commit wire fraud and violation of campaign finance laws. They broadly negated the propositions’ premise, citing precedent from the US Court of Appeals for the Second Circuit.
Kaplan said, “Dismissing the charges is an ‘extraordinary measure’ reserved only for very limited circumstances involving fundamental rights.” “The Second Circuit has held dismissal to be an ‘excessive sanction’ that is upheld ‘only in very limited and extreme circumstances,’ and should be reserved for ‘truly extreme cases,’ ‘especially where serious criminal conduct is involved.'”
In his conclusion, the judge said:
“The court has considered the arguments of all the parties. To the extent not discussed herein, the arguments are either moot or without merit.”
Bankman-Fried will face all eight charges that were originally laid out in December 2022, four added as part of the encroachment indictment in February 2023, and one alleged by the former CEO in March 2023. Related to bribing a Chinese government official. However, the last five cases due to be added after the extradition of the SBF from the Bahamas will be addressed in a separate trial starting in March 2024. His first trial is due to begin in October.
Connected: FTX Founder Sam Bankman-Fried Now Faces Two Criminal Trials
The former FTX CEO has pleaded not guilty to all charges. In December 2022, Carolyn Ellison, former CEO of Alameda Research, and Gary Wang, co-founder of FTX Indicted on related federal fraud charges.
Both the US Securities and Exchange Commission and the Commodity Futures Trading Commission are expected to bring civil suits against SBF following the conclusion of its criminal prosecutions. FTX’s bankruptcy case is also ongoing in the District of Delaware.
magazine: Can You Trust Crypto Exchanges After the FTX Collapse?
