• US prosecutors say SBF will be tried on original 8 criminal charges for now
• The decision came following litigation filed by SBF in the Bahamas protesting the additional charges
• FTX co-founder Sam Bankman-Fried is facing fraud and fraud conspiracy charges
US Prosecutors to Try SBF on Original 8 Charges
US prosecutors have announced that FTX co-founder Sam Bankman-Fried (SBF) will go to trial with the eight criminal charges he was initially pinned for. This decision comes after a motion filed by SBF in the Bahamas, protesting the additional 13 charges that could bring lengthier proceedings.
Original Charges Against SBF
In December 2022, US prosecutors levied eight charges against SBF in connection with his management of the failed exchange FTX. These include allegations of commingling customer funds and misleading investors about risk management practices, leading to losses for investors and customers. Caroline Ellison, former CEO of sister company Alameda Research, and FTX co-founder Gary Wang have pleaded guilty to fraud charges stemming from FTX’s collapse.
Additional Charges Filed Against SBF
Following his extradition from the Bahamas, US prosecutors unsealed four additional charges in February relating to fraud and fraud conspiracy. An additional charge was filed in March alleging bribes to Chinese officials. To date, Bankman-Fried has maintained innocence against these new accusations.
SBFs Motion Before Supreme Court of Bahamas
In response to these new accusations, Bankman-Fried filed a motion before the Supreme Court of The Bahamas arguing that many of the 13 new charges were not included in his original indictment which justified his extradition from The Bahama Islands. In June 2021, this court ruled that Bankman- Fried must formally challenge these new accusations prior to being allowed to proceed with them as part of trial proceedings.
DoJ Wants To Proceed With Original Indictment
Given this lengthy process, DoJ lawyers wrote a letter stating they are “prepared to proceed as scheduled on counts contained in original indictment.” This means that at least for now, Bankman- Fried will stand trial on only eight initial criminal charges instead of 21 total which were previously added by US Prosecutors since December 2022.