Prosecutors Seek to Remove New Charges Against SBF From October Trial

U.S. prosecutors on Wednesday asked a federal judge to remove new charges against Sam Bankman-Fried (SBF) and hold a separate trial on the charges next year, according to a Reuters report on June 15. 

New Charges Against SBF

The new charges, filed against the disgraced founder of the now-bankrupt cryptocurrency exchange FTX include – foreign bribery, bank fraud, and conspiracy – which were added to other indictments this year following his extradition from the Bahamas to the U.S. in December.

An initial eight criminal counts accused SBF of stealing billions of dollars from FTX customers and providing false information to investors and lenders. SBF pleaded not guilty to a total of 13 counts against him.

SBF requested U.S. District Judge Lewis Kaplan in Manhattan to either dismiss the fresh charges or try them separately from his October 2 trial. Moreover, a court based in the Bahamas, where FTX was located, has issued a temporary order that prevents the country’s government from authorizing U.S. prosecutors to pursue the additional charges.

Prosecutors Ask Judge to Set a Trial on New Charges

On Wednesday, federal prosecutors in Manhattan submitted a court filing that acknowledged the uncertainty surrounding the Bahamian ruling. They asked Judge Kaplan to schedule a trial on the new counts during the first quarter of 2024. Prosecutors, however, indicated that they would drop the charges if the Bahamas did not consent to them.

Kaplan is expected to hear arguments on Thursday in a scheduled hearing at 10:30 a.m. EDT (1430 GMT). 

SBF’s legal representatives have requested that at least 10 of the 13 charges against their client be dismissed. Additionally, they have said the Bahamas did not also consent to a charge of violating U.S. campaign finance laws brought before his extradition.

The charges against SBF have been closely watched by the crypto community. FTX was one of the most valuable cryptocurrency exchanges in the world before it collapsed in late 2022.