The legal battle for FTX founder Sam Bankman-Fried has taken a significant turn as the criminal charges against him have been split into two separate trials.
The former CEO now faces a total of 13 charges, including fraud, fraud conspiracy, and bribery, resulting from alleged mismanagement of the crypto exchange.
Originally scheduled to commence on October 2, the trial has been divided, with five charges set for a separate trial on March 11, 2024, following a ruling from United States District Court Judge Lewis Kaplan on June 15.
The charge split occurred after the Department of Justice (DOJ) requested permission from Bahamian authorities to try Bankman-Fried on the additional charges imposed post-extradition.
The defense team representing the FTX co-founder sought to dismiss these charges, arguing that he should not be tried for offenses introduced after his extradition.
However, on June 14, DOJ lawyers announced their intention to proceed with the original eight charges, citing potential delays if awaiting approval of a motion filed by Bankman-Fried in The Bahamas.
The upcoming trial will focus on charges related to bribery conspiracy, conspiracy to operate an unlicensed money-transmitting business, bank fraud conspiracy, as well as derivatives and securities fraud.
Other charges involve allegations of wire, derivatives, securities fraud, conspiracy, and money laundering, supposedly committed at FTX and Alameda Research.
Bankman-Fried’s legal battles continue to unfold, shaping a pivotal chapter in the cryptocurrency industry, as the trials shed light on the alleged misdeeds and potential consequences within the sector.
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