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FTX Founder Seeks Delay of October Trial Thanks to Civil Lawsuits

Posted on 9. March 2023 By admin

• Bankman-Fried’s attorneys argued for a delay of his October 2 criminal trial, citing the need to review evidence and prepare a defense.
• The Commodities Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) have both filed civil lawsuits against the FTX founder for fraud.
• A subsequent indictment issued in February included four additional criminal allegations against Bankman-Fried, including commodities fraud and making illicit political contributions.

Delay of October 2 Criminal Trial

Sam Bankman-Fried’s attorneys said Wednesday that a delay of his October 2 criminal trial may be necessary. Attorneys for SBF argued that additional time may be required to thoroughly review the evidence and prepare a defense for the upcoming trial.

Civil Lawsuits Filed

After Bankman-Fried’s crypto exchange failed in November and he was arrested in December, the Commodities Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) have both filed civil lawsuits against the FTX founder for fraud; the trials in these cases have been postponed until after the criminal trial of SBF.

Additional Charges

Bankman-Fried’s lawyers wrote to U.S. District Judge Lewis Kaplan on March 8 that they weren’t formally requesting a date change at the moment but that it might be necessary given that they were still waiting for a “substantial portion” of evidence to be turned over to them and that additional charges had been filed against the FTX founder in late February.

February Indictment

A subsequent indictment issued in New York federal court in February, Bankman-Fried was slammed with four more criminal allegations, including commodities fraud and making illicit political contributions. The original indictment against Bankman-Fried only included eight counts; however, this new 12-count indictment adds fresh information about hundreds of dollars in illegal political donations allegedly directed by SBF.

Conclusion

The new charging document provides more context for the allegations of fraud against Bankman-Fried in connection with his failed cryptocurrency exchange FTX and linked hedge fund Alameda Research late 2022. BTCUSD current price is $59,853 as per Coinmarketcap data at 22:00 UTC on April 5 2021

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