The U.S. District Court has denied FTX founder Sam Bankman-Fried’s request to dismiss his criminal case, meaning that he will face trial on charges of wire fraud, bank fraud, and operating an unlicensed money transmitter.
According to court filings, District Judge Lewis Kaplan issued a ruling on June 27 in the case against FTX founder Sam Bankman-Fried, who is facing charges of wire fraud, bank fraud, and operating an unlicensed money transmitter.
The court has ruled that the pre-trial motions filed by Sam Bankman-Fried are either moot or without merit.
On October 2, the disgraced founder of a cryptocurrency exchange will go on trial for severe allegations that could result in a lifelong prison term.
Sam Bankman-Fried’s (SBF) legal team filed seven pre-trial motions on May 8, including a motion to dismiss the entire case, as well as motions to sever the charges against him.
The U.S. government has decided to drop the post-extradition charges against Sam Bankman-Fried to speed up his trial.
Although the severed charges will not be forgotten, they will be held until after the first trial concludes in 2024. Prosecutors refused to drop the charge related to the improper financing of political campaigns, even though it was omitted from the warrant of surrender issued in the Bahamas.
The court upheld the charge against Sam Bankman-Fried, but it rejected all of his other pre-trial motions. The only motions that were accepted were the ones related to the post-extradition charges that were dropped.
FTX recovery team CEO John Ray III released a bombshell on June 22, as he revealed that new evidence suggests FTX leadership has been knowingly commingling and misusing customer funds since day one.
The records reveal a leadership group that stole billions in business and consumer monies for personal benefit, putting its own financial interests ahead of the needs of its customers.
