Friday, September 20, 2024

In the ongoing legal battle involving Sam Bankman-Fried (SBF), co-founder of FTX, the U.S. Department of Justice (DOJ) and federal prosecutors in New York have decided to temporarily suspend five charges against him. These charges have been “severed” and postponed until 2024, possibly resulting in SBF’s legal team dealing with two separate cases in the future.

Originally, SBF faced eight charges when indicted by the U.S. government. However, five additional charges, including allegations of bank fraud and bribing a Chinese government official, were later added. Yet, on June 14, federal prosecutors sought to separate these supplementary charges due to the need for approval from the Bahamian judicial system, which is necessary to fulfill the conditions of the U.S.-Bahamas extradition treaty. Consequently, the U.S. government requested a specialty waiver from the Bahamas regarding this issue.

While SBF is scheduled to face the initial eight indictment charges in October, the remaining five charges will be addressed in a trial set for March 11, 2024. This trial will encompass counts four, six, nine, ten, and thirteen, which involve bank fraud, derivatives and securities fraud, bribery, and operating an unlicensed money-transmitting business. According to Isource News, a Twitter account providing real-time information from both named and unnamed sources, it seems that SBF is “unlikely to face any jail time after major counts were dropped today.”

Citing an anonymous legal analyst, Isource News stated, “The prosecution is actively weakening their own case to a noticeable extent. Someone seems to be against SBF receiving a jail sentence.” Isource News also mentioned an insider who claimed, “The remaining charges will likely be resolved through plea bargains.”

Defense attorney Marc Cohen, who previously represented convicted sex trafficker Ghislaine Maxwell, has requested the dismissal of the five charges. Cohen argued, “We believe that dismissing those counts would be the best outcome.” Maintaining his innocence, SBF has pleaded not guilty to all charges, while three senior FTX staff members have already entered guilty pleas for multiple charges.

It remains uncertain what the future holds for Sam Bankman-Fried as he faces a divided legal battle with some charges deferred and the possibility of plea bargains. Please share your thoughts and opinions on this matter in the comments section below.

Frequently Asked Questions (FAQs) about legal battle

What charges were temporarily suspended against Sam Bankman-Fried in his legal battle?

The U.S. Department of Justice and federal prosecutors in New York temporarily suspended five charges against Sam Bankman-Fried. These charges include bank fraud, derivatives and securities fraud, bribery, and operating an unlicensed money-transmitting business.

Why were these charges deferred until 2024?

The five charges were deferred because the U.S. government needs approval from the Bahamian judicial system to fulfill the conditions of the U.S.-Bahamas extradition treaty. To address this, the U.S. government requested a specialty waiver from the Bahamas.

When will the trial for the remaining charges take place?

The trial for the remaining charges is scheduled for March 11, 2024. These charges involve counts four, six, nine, ten, and thirteen, encompassing bank fraud, derivatives and securities fraud, bribery, and operating an unlicensed money-transmitting business.

Is Sam Bankman-Fried expected to face jail time?

According to sources, it appears that Sam Bankman-Fried is unlikely to face any jail time after major counts were dropped. A legal analyst suggests that the prosecution is actively weakening their own case, indicating that someone may not want SBF to receive a jail sentence. Additionally, there is speculation that the remaining charges may be resolved through plea bargains.

Has Sam Bankman-Fried entered a plea for the charges?

Yes, Sam Bankman-Fried has pleaded not guilty to all charges. However, three high-ranking FTX staff members have already entered guilty pleas for multiple charges.

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5 comments

SoccerMom24 June 18, 2023 - 9:20 am

Wait, I thought bank fraud and bribery charges were serious stuff? How can they just suspend them and defer them to 2024? This legal system is wack!

Reply
JohnSmith77 June 18, 2023 - 7:18 pm

wow legal battle for ftx co-founder sam bankman-fried! so charges got suspended and others gonna be plea-bargained? thats cray!

Reply
CryptoFanatic June 18, 2023 - 10:01 pm

SBF better thank his lucky stars for these dropped charges. Looks like someone powerful is protecting him. Plea bargains and guilty pleas already? This case is getting spicy!

Reply
InvestorGuru June 19, 2023 - 12:12 am

This news could seriously impact FTX’s reputation. Legal battles and guilty pleas? Investors might think twice about trusting their money with them. Let’s see how it unfolds.

Reply
GrammarPolice June 19, 2023 - 12:52 am

Can’t believe people are still making basic punctuation mistakes! So many missing commas, periods, and capital letters. Where’s the proofreading?

Reply

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