A District Judge ordered a separate trial for the DOJ’s charges against Sam Bankman-Fried which were added following his extradition to the U.S.
Criminal charges against FTX co-founder Sam Bankman-Fried have been split, with the former CEO now facing two separate trials for his alleged mismanagement of the crypto exchange.
Bankman-Fried is facing a total of 13 charges relating to fraud, fraud conspiracy and bribery. A trial for all the charges was scheduled to begin on Oct. 2.
Five of those charges will now be split off into a second trial on March 11, 2024, according to a June 15 ruling from United States District Court Judge Lewis Kaplan.
The full text of Judge Kaplan’s June 15 order. Source: CourtListener
The charge split comes as DOJ prosecutors requested a waiver from Bahamian authorities to try Bankman-Fried on the five additional charges they imposed after his extradition from the country.
Lawyers for the FTX co-founder attempted to dismiss those charges saying he could not be tried on charges made after the extradition.
On June 14, DOJ lawyers said they would proceed to try Bankman-Fried on the original eight charges they leveled against him citing a potentially lengthy process if the court was to wait for the approval of a motion filed by Bankman-Fried in The Bahamas.
The new trial in March will focus on the charges of bribery conspiracy, conspiracy to operate an unlicensed money-transmitting business, bank fraud conspiracy along with derivatives and securities fraud.
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The other charges relate to various wire, derivates and securities fraud and conspiracy allegedly carried out at FTX and Alameda Research along with accusations of money laundering.
Read More A District Judge ordered a separate trial for the DOJ’s charges against Sam Bankman-Fried which were added following his extradition to the U.S.