Sam Bankman-Fried (SBF), the former CEO and founder of collapsed crypto exchange FTX and research group Alamada Research, seeks to have 10 criminal charges dropped because “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,” according to the first motion to dismiss submitted on May 8. 

The former CEO’s legal team added two more counts to be dismissed were added on May 8 and is seeking dismissal based on the redundancy of charges.

The Southern District Court of New York received the motion of dismissal for all charges except for three counts: conspiracy to commit commodities fraud, conspiracy to commit securities fraud and conspiracy to commit money laundering. The legal team brought up one charge, “conspiracy to defraud the United States,” based on a violation of campaign funding laws, and wants it to be dropped because “extradition was granted solely on the first seven counts referenced in the Diplomatic Note—not the final count for conspiracy to defraud the United States and violate the campaign finance laws.” SBF’s lawyers argue that “none of the factual allegations [are] supporting that charge.”

The official court document detailing why charges should be dropped read: 

“Mr. Bankman-Fried had not defrauded anyone, nor intended to defraud anyone.”

Bankman-Fried was arrested in the Bahamas in December 2022

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Author: Emily Tonelli

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