News - Problems in trial of FTX founder Sam Bankman-Fried

By Mike Hesp

Problems in trial of FTX founder Sam Bankman-Fried

USA
Laws and regulations
FTX

There are problems in the trial of the FTX founder. For now, the court could only confront Sam Bankman-Fried on eight charges.

As the U.S. Department of Justice explain, Sam Bankman-Fried (SBF) may only have to face the charges originally filed against him during his trial.

Prosecutors charged the FTX founder in December with eight counts, including wire fraud and conspiracy to launder money. Bankman-Fried pleaded not guilty.

A additional charge in February added several new charges, including conspiracy to make illegal political contributions and bribery of officials.

However, Bankman-Fried and his lawyers argued that the later charges violate the extradition treaty between the U.S. and the Bahamas. In addition, SBF wants trying six of the total 12 charges in the Bahamas.

It remains to be seen whether the handling district judge, Lewis Kaplan, will agree to the split and whether the other charges will be tried at a later date.

Bankman-Fried's trial is scheduled for October 2023. He faces up to 115 years in prison. The crypto exchange he founded, FTX, is registered in the Bahamas.

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