FTX Founder Requests Dismissal of Most Criminal Charges
Sam Bankman-Fried maintains responsibility for FTX and Alameda Research downfall while denying knowledge of any improper use of funds.
Wed, 10 May 2023, 15:55 pm UTC
Sam Bankman-Fried, founder of the cryptocurrency exchange FTX, filed a motion on Monday to dismiss most of the criminal charges brought against him.
Bankman-Fried faces 13 counts, including fraud, conspiracy, and foreign bribery, following the collapse of FTX. He has requested the dismissal of ten of these counts, arguing that some of the charges fail to properly state an offense.
Bankman-Fried was arrested in the Bahamas, where FTX was headquartered, in December 2022 and was later extradited to the United States. Since then, he has been confined to his parents' home in Palo Alto, California, awaiting trial.
He has pleaded not guilty to the charges, which allege that he misappropriated billions of dollars from FTX to cover losses at his hedge fund, Alameda Research, buy extravagant real estate, and make political donations.
Bankman-Fried's motion to dismiss cites declarations from two of his attorneys outlining the reasons why he believes the charges should be dismissed.
He has maintained that he was ultimately responsible for the downfall of FTX and Alameda Research but denied knowledge of any improper use of customer funds in a November 2022 interview with ABC News before his arrest.
Federal prosecutors in Manhattan have until the end of May to respond to Bankman-Fried's motion to dismiss.
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