Sam Bankman-Fried, the founder of FTX, faces charges of financial manipulation and paying bribes. His lawyers have tried to have some charges thrown out, but prosecutors say their claim is without merit. However, SBF continues to live in his parents’ house in California pending his trial scheduled for next October.
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Sam Bankman-Fried facing prosecutors
At the beginning of this month of May, the lawyers of Sam Bankman-Fried had defended their client by arguing that 4 of the 13 charges against him were inadmissible for lack of evidence and concern for jurisdiction.
Well, according to federal prosecutors’ verdict set forth in an official document recently filed in Manhattan federal court, the requests made by the lawyers of the former CEO of FTX are without foundation and are therefore inadmissible. We can thus read there:
“The indictment sufficiently alleges that the defendant and his co-conspirators made false and misleading statements to lenders regarding Alameda’s financial condition. No additional specificity is required. »
These requests concerned, among other things, the manipulations of Sam Bankman-Fried (and his close circle) aimed at using the funds of the customers of his platform to cover the losses of Alameda Researchthen managed by Caroline Ellison, one of his former companions.
The founder of FTX had declared on May 8 to the judge in charge of his case that the prosecutors had charged him “in the haste of the judgment”, and that even if he had made mistakes, he had never stolen the funds of its clients.
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Many accusations, but SBF remains free
As of this writing, Sam Bankman-Fried still lives in his parents’ luxurious home in Palo Alto, Californiawhile the evidence demonstrating at best his incompetence or at worst his dishonesty continues to rain down.
Even as his lawyers try to win their case by claiming that some of the charges against him are unfounded, we recently learned that the ex-CEO of FTX and his former lieutenants knowingly wasted $ 220 million (from their clients) a few months before the collapse of the exchange.
Worse still, new accusations have been issued against SBF concerning a payment of 40 million dollars in the form of a bribe to Chinese officials with the aim of releasing $1 billion in frozen cryptocurrencies in early 2021.
As a reminder, Sam Bankman-Fried’s trial is scheduled for next Octoberand should allow US regulators to further restrict entities wishing to continue offering cryptocurrencies in the US.
As such, last February, Jesse Powell, the former CEO of cryptocurrency exchange Kraken, accused the Securities and Exchange Commission (SEC) of letting bad actors in the ecosystem grow to the point of non-return in order to punish all the societies in the milieu.
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Source: Associated Press
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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