February 23, 2024

New York

Lawyers for FTX founder Sam Bankman-Fried on Monday filed motions to dismiss the US government’s fraud charges against him.

Bankman-Fried’s attorneys said the government failed to properly explain what offenses the former CEO of the bankrupt crypto exchange committed. They urged the judge to toss most of the charges against him, which include fraud and bribery.

Bankman-Fried has pleaded not guilty to the 13 charges.

Prosecutors allege that Bankman-Fried stole FTX customer deposits to finance risky bets at his hedge fund, Alameda Research, and to funnel contributions to American 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 o respond to the motions from Bankman-Fried’s lawyers, and the judge has called the next hearing for June 15, where Bankman-Fried is expected back in court.

The 31-year-old Bankman-Fried is under house arrest on a $250 million bond. He awaits trial at his parents’ home in Palo Alto, California. Bankman-Fried has acknowledged mishandling his business but has denied engaging in 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 counts, he could face more than 155 years in prison. A trial has been scheduled for October.

– CNN’s David Goldman contributed to this report


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