Late Monday, Sam Bankman-Fried–founder and former CEO of the collapsed crypto marketplace FTX filed a motion in a Manhattan court asking a judge to drop several criminal charges against him. His lawyers claim that there are several reasons for dropping the charges including the claim that his former crypto exchange FTX and its lawyers were acting against him and giving incriminating evidence only against him to prosecutors.
In a two-page motion, Bankman-Fried asked the judge to dismiss 10 of the 13 criminal counts he faces. He has pleaded not guilty to all of them though other executives at FTX and Alameda Research pleaded guilty and are cooperating with the authorities.
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Bankman-Fried’s attorneys listed the reasons why the criminal charges should be dropped. They include that some of the charges failed to properly state that an offense was committed. They mentioned the extradition agreement with the authorities as Bankman-Fried was arrested in the Bahamas and was extradited after his lawyers allegedly made a deal with the authorities.
The motion also claims that only information that pertains to Sam Bankman-Fried’s activities have been released by the lawyers and the crypto exchange to authorities.
Sam Bankman-Fried has been indicted on thirteen criminal counts. Federal prosecutors said that he was reportedly responsible for misappropriation of billions of dollars from crypto exchange FTX, the company he co-founded.
The prosecutors have charged him for allegedly using these billions to cover the losses suffered by Alameda Research, a hedge fund that was headed by his reported girlfriend Caroline Ellison, who pleaded guilty. He also allegedly spent the customers’ funds to buy lavish real estate, and for political donations.
Sam Bankman-Fried has denied all these allegations that were made against him. He agreed that he was ultimately responsible for the massive collapse of FTX late last year but said that he did not know about the improper use of funds of FTX’s customers.
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Sam Bankman-Fried is out on bond and is living at his parents’ house in Palo Alto, California. He is expected to go on trial in October. Prosecutors have time till the end of May to respond to the motion filed by Sam Bankman-Fried that seeks to dismiss most of the criminal charges against him.
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FTX and Alameda File Request to Freeze $450 Million in Robinhood Stock in New York Court
