Sam Bankman-Fried Can Contest Extra DOJ Charges, Bahamas Supreme Court Says

The Bahamas Supreme Court has ruled in favor of FTX founder Sam Bankman-Fried (SBF) to challenge new charges against him by the US prosecution. 

The judgment came on Tuesday, June 13, and will delay charges against SBF. Also, the Supreme Court judgment will enable Sam Bankman-Fried to review the terms of his extradition from the Caribbean.

FTX Founder Faces Additional Charges

Following the implosion of the FTX crypto exchange in last 2022, the founder of the firm, SBF, faced several legal cases. Sam Bankman-Fried was originally charged with money laundering and wire fraud last year after the collapse of FTX. 

But more charges emerged from the prosecutors against him, which include bribery and bank fraud. Sam Bankman-Fried was first arrested in the Bahamas due to a formal notification by the US authorities. Following an agreement between the US and the Bahamas, SBF was later extradited to the US to face some charges.

In the agreement, the countries settled that extradited persons can only be tried and punished for crimes to which the extraditing country agrees. In the case of SBF, the Bahamas has the sole right to make such a decision.

The Supreme Court of the Bahamas noted the key reason for its ruling that some charges against SBF be dropped. It mentioned that some of the charges violate the terms of SBF’s extradition to the US.

The Court noted that those charges were not included in the original indictment that formed the legal basis for Bankman-Fried’s extradition to the US.

In the ruling, the Bahamas supreme Court Judge Loren Klein said: “Leave is granted to the claimant to commence proceedings for judicial review.”

Also, Judge Klein stated that the Bahamian authorities can’t include more charges against SBF until the legal process is complete. 

The judge further mentioned that the extradited review for the accused should be accelerated but noted that he won’t pre-empt the outcome. 

Sam Bankman-Fried Makes A Move For Judicial Review

Following the ruling by the Supreme Court of the Bahamas, SBF’s attorney, Michael Cohen, initiated a separate filing on Tuesday, June 13. According to Cohen, the move is an application for judicial review in line with the latest court ruling. 

The lawyer stated that the filing would assist in pursuing his client’s legal rights in the Bahamas. Recall that Sam Bankman-Fried has been seeking means to dismiss most of the charges against him.

 In a filing to the federal court in the Southern District of New York, SBF’s attorneys stated that most of the charges against him were dramatic. The lawyers mentioned that civil and regulatory issues were turned into federal crimes.