Sam Bankman-Fried, the founder of the company, continues to be confined to house arrest while the community eagerly seeks justice. In a recent update, it has come to light that the former FTX CEO will face trial solely on eight charges. The U.S. Department of Justice [DOJ] prosecutors have disclosed their intention to proceed with the trial of SBF on several charges. This includes wire fraud, securities fraud, and money laundering. These charges were initially filed against SBF in December 2022. It is important to mention that the FTX Chief is facing a total of 13 charges in this legal proceeding.
So what about the other five charges against SBF?
Five of the 13 charges were added through superseding indictments in February and March 2023. In a recent motion to dismiss filed by SBF’s attorneys, it was stated that the government of the Bahamas had to give its consent to the inclusion of these additional charges. This encompasses bank fraud, operating an unlicensed money transmitter, and bribery before the former CEO could be subjected to trial. In a letter penned down to Judge Lewis Kaplan, of the U.S. District Court for the Southern District of New York, U.S. Attorney Damian Williams and his team wrote,
“In light of the uncertainty concerning when The Bahamas will render a decision with respect to the specialty, and to simplify the proof at trial and decrease the burden of trial preparation on the defendant, the Government is prepared to proceed to trial as scheduled on the counts contained in the original Indictment.”
It is worth noting that the team representing SBF made significant efforts to refute the accusations. The lawyers were observed submitting additional legal motions based on different grounds.
Next hearing
According to the court documents, a hearing has been scheduled for oral arguments on the motions to dismiss. The hearing is set to occur at 10:30 a.m. Eastern Time on June 15. Furthermore, the prosecution has requested a trial date specifically for the additional charges, aiming for the first quarter of 2024. However, as of now, SBF’s trial is still scheduled to take place in October. Additionally, legal documents revealed that the fraud investigation against SBF might take “months or years.”