With less than 3 months left until the beginning of Bankman-Fried's trial, US Attorney's Office shares new updates about the case.
The US Attorney’s Office has released a new indictment update for the former crypto exchange FTX CEO Sam Bankman-Fried (SBF).
The new allegations, scheduled for trial in October, will delve into allegations surrounding his involvement in an illicit campaign finance operation.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
How Does Cryptocurrency Work? (Explained with Animation)
US Attorney Damian Williams, in a letter addressed to Judge Lewis Kaplan on August 8th, outlined the Department of Justice's (DoJ) intention to move forward with seven charges against SBF in the upcoming October trial.
Intriguingly, while the DoJ expressed its inability, owing to its treaty commitments with the Bahamas, to append an eighth charge related to SBF’s supposed breaches of campaign finance legislation, they intend to evaluate proofs of the said scheme under the umbrella of a pre-existing wire fraud charge. Williams clarified:
The superseding indictment will make clear that Mr. Bankman-Fried remains charged with conducting an illegal campaign finance scheme as part of the fraud and money laundering schemes originally charged. The defendant’s use of customer deposits to conduct a political influence campaign was part of the wire fraud scheme charged in the original indictment.
Bankman-Fried's turbulent journey with the law began with his arrest in the Bahamas in December 2022. He was subsequently handed over to the US to respond to charges stemming from the sudden downfall of the crypto exchange FTX.
The initial set of charges declared by the DoJ encompassed eight accusations against SBF, later strengthened by another five indictments during February and March 2023.
Interestingly, a charge connected with unlawful campaign contributions, which was among the initial eight, was dismissed in July. This decision was reached following a consensus with the defense that it did not align with the Bahamas-US extradition agreement.
Following a bouquet of allegations, Bankman-Fried has been predominantly restricted to his parent’s residence in California, with a staggering bond of $250 million acting as a leash.
As the legal net tightens around former FTX CEO Sam Bankman-Fried, all eyes are now on the forthcoming hearing scheduled for August 11th. Judge Kaplan is expected to deliberate on the US government's appeal to annul SBF's bail, adding another layer of complexity to an already convoluted legal drama.
