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Criminal charges against FTX co-founder Sam Bankman-Fried have split, with the former CEO now facing two separate trials for alleged mismanagement of the crypto exchange.
Bankman-Fried is facing a total of 13 charges related to fraud, conspiracy to defraud and bribery. The trial of all the charges was due to start on 2 October.
As of June 15, five of these charges will now be divulged in a second trial on March 11, 2024. ruling From United States District Court Judge Lewis Kaplan.
The FTX founder was originally extradited to the US in December 2022 on eight charges, with five more charges added in February and March 2023.
The charge split comes as DOJ prosecutors requested immunity from Bahamian authorities to prosecute Bankman-Fried on five additional charges they brought following his extradition from the country.
Lawyers for the FTX co-founder attempted to have the charges dismissed, stating that he could not be tried on the charges after extradition.
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On June 14, lawyers for the DOJ said they would proceed to prosecute Bankman-Fried on the original eight charges if the court had to wait for approval of the motion filed by Bankman-Fried in the Bahamas.
The new trial in March will focus on charges of conspiracy to commit bribery, conspiracy to operate an unlicensed money-transmitting business, conspiracy to commit bank fraud as well as derivatives and securities fraud.
The other charges relate to allegations of money laundering as well as various wire, derivatives and securities fraud and conspiracy allegedly committed at FTX and Alameda Research.
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