Fallen FTX founder Sam Bankman-Fried, aka SBF, thinks the court was too heavy-handed with the charges levied against him in December.
On Monday SBF's legal team asked Manhattan federal court to dismiss 10 of the 13 criminal charges against him, including the foreign bribery charge, campaign finance charge, and a bank fraud charge, according to the New York Times.
Bankman-Fried was accused of misappropriating billions of dollars in customer funds in a fraud scheme between his FTX cryptocurrency exchange and his Alameda Research crypto trading firm. FTX filed for bankruptcy in November 2022 after a bank run exposed an $8 billion hole in the company's accounts. SBF was arrested in the Bahamas and extradited to the United States in December. He is currently free on a $250 million bond as he awaits his trial, which is scheduled to start on October 2.
SBF has pleaded not guilty to the 13 fraud and conspiracy charges against him. In the court filing, his legal team argues that 10 of the charges violate the extradition process or are too vague, stating that the prosecution has an "eagerness to run up charges against Mr. Bankman-Fried," per NYT.
RELATED: Who Is FTX Founder Sam Bankman-Fried and What Did He Do? Everything You Need to Know About the Disgraced Crypto King
Additionally, his lawyers claim that prosecutors "rushed to judgment" in the wake of the broad market crypto crash in 2022.
"Rather than wait for traditional civil and regulatory processes following their ordinary course to address the situation, the government jumped in with both feet, improperly seeking to turn these civil and regulatory issues into federal crimes," his lawyers wrote in a court filing, according to Reuters.
Prosecutors must respond to SBF's dismissal request by May 29. U.S. District Judge Lewis Kaplan is scheduled to hear arguments on June 15.
RELATED: From Tom Brady to Kevin O'Leary – See Who Lost Big in the Wake of the FTX Crypto Collapse
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
Growth stocks offer a lot of bang for your buck, and we've got the next upcoming superstars to strongly consider for your portfolio.
Get This Free Report
