Sam Bankman-Fried wants his case thrown out of court | CNN Business
Lawyers for FTX founder Sam Bankman-Fried filed motions Monday to dismiss the US government’s fraud charges against him.
Bankman-Fried’s lawyers said the government failed to properly explain what crimes the bankrupt crypto exchange’s former CEO committed. They urged the judge to drop most of the charges against him, which include fraud and bribery.
Bankman-Fried has pleaded not guilty to all 13 charges.
Prosecutors allege that Bankman-Fried stole FTX’s customer deposits to fund risky bets at his hedge fund, Alameda Research, and to funnel contributions to U.S. politicians.
FTX had been one of the most respected and recognized crypto platforms before it collapsed into bankruptcy in November.
The government has two weeks to respond to motions from Bankman-Fried’s lawyers, and the judge has scheduled the next hearing for June 15, when Bankman-Fried is expected to return to court.
Bankman-Fried, 31, is under house arrest on $250 million bail. He is awaiting trial at his parents’ home in Palo Alto, California. Bankman-Fried has acknowledged mismanagement of his business, but has denied committing fraud.
Three of Bankman-Fried’s former business partners, Gary Wang, Caroline Ellison and Nishad Singh, have pleaded guilty to numerous charges and are cooperating with investigators.
If convicted on all charges, he could face more than 155 years in prison. A trial has been scheduled for October.
– CNN’s David Goldman contributed to this report