The U.S. Department of Justice (DOJ) and federal prosecutors in New York have opted to temporarily suspend five charges against the beleaguered FTX co-founder Sam Bankman-Fried (SBF). Nevertheless, these five charges have been “severed” and deferred until 2024, potentially leaving SBF’s legal team to juggle two cases in the future.
5 Counts Against SBF Severed and Scheduled for Another Trial
Initially, FTX co-founder Sam Bankman-Fried (SBF) faced eight charges when indicted by the U.S. government, but shortly after, an additional five charges were tacked on including alleged bank fraud and bribing a Chinese government official. Yet, on June 14, federal prosecutors sought to detach these five supplementary charges, citing the need for approval from the Bahamian judicial system to fulfill the U.S.-Bahamas extradition treaty conditions. Consequently, the U.S. government requested a specialty waiver from the Bahamas regarding this issue.
Although SBF is set to confront the initial eight indictment charges in October, the remaining five charges will be addressed in a trial slated for March 11, 2024. This trial will encompass counts four, six, nine, ten, and thirteen entailing bank fraud, derivatives and securities fraud, bribery, and operating an unlicensed money-transmitting business. As reported by Isource News—a Twitter account offering “minute-by-minute intelligence from named and unnamed sources”— said it appears that SBF is “unlikely to see any jail time after major counts dropped today.”
Citing an anonymous legal analyst, Isource News stated: “The prosecution is busily dismantling their own case to a degree that’s obvious. Someone doesn’t want SBF to get any jail time.” Additionally, Isource News referenced an insider who claimed: “The rest [of the charges] will be plea-bargained away.”
Furthermore, defense attorney Marc Cohen—who previously represented convicted sex trafficker, Ghislaine Maxwell—requested the dismissal of the five charges. “We think [a] dismissal of those counts would be the better outcome,” Cohen asserted. Maintaining his innocence, SBF pleaded not guilty to all charges, while three high-ranking FTX staff members have already entered guilty pleas for multiple charges.
What do you think the future holds for FTX co-founder Sam Bankman-Fried as he faces a divided legal battle with charges deferred and potential plea bargains? Share your thoughts and opinions about this subject in the comments section below.
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