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US Prosecutors Drops Charges Against Sam Bankman-Fried

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The US prosecutors have decided to drop the new charges against the former Chief Executive Sam Bankman-Fried, in the October trial.

These new charges weren’t in the initial 8-count indictment of Bankman-Fried last December.

The charges were included after Bankman-Fried’s extradition whereas the former charges were all focused on the FTX collapse.

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More Details of the Story

Last Tuesday, a Bahamas court temporarily blocked the country’s authorities from allowing the US prosecutors to follow up on part of their criminal legal action against Bankman-Fried.

According to the Wednesday court filing, Damian Williams, a US Attorney cited uncertainty surrounding a decision from the Bahamas.

He also requested Judge Lewis Kaplan to arrange a trial according to these 5 count charges for the Q1 of 2024.

Last month, the United States prosecutors in Manhattan stated that they will let go of the 5 charges against the former billionaire if the Caribbean nation didn’t accept them.

These latest charges were not included in Bankman-Fried’s former 8-count charges indictment last December.

As per the Bahamas Supreme Court, the country’s foreign affairs minister and the attorney general cannot agree to the new charges until the former FTX chief executive gets a former opportunity to object.

Justice Loren Klein wrote that the problems Bankman-Fried has generated have “a reasonable chance of success”.

The decision can extend the uncertainty of whether Bankman-Fried’s arranged trial on October 2 will include all the 13 count charges he faces.

Sam Bankman-Fried may be facing a long time in prison if he is convicted at the coming up trial which is scheduled to commence on October 2.

How Did Bankman-Fried Plea?

Meanwhile, the 31-year-old Bankman-Fried has pleaded not guilty to the charges.

According to the papers filed in Manhattan federal court late Monday, Bankman-Fried’s attorneys said a 6 charge alleging the United States campaign finance violations should be dropped since the Bahamas didn’t agree to it.

Furthermore, Sam Bankman-Fried’s lawyers want the 6 charges dropped, or tried differently from the charges of lying to lenders and investors, and stealing from customers.

As per the lawyer’s report, “to proceed otherwise will lead to a notable prejudice against Mr. Bankman-Fried which shouldn’t be allowed”.

The United States District Judge Kaplan is hearing the arguments on June 15.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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