US Prosecutors Insist That SBF Trial Will Be On Original 8 Count Charge 

This collapse of FTX is likely one of the reasons for intense regulatory pressure from the United States Authorities in 2023. 

Its founder SBF is currently facing criminal charges related to the FTX collapse and subsequent loss of funds for investors. The prosecutors believe his actions were deliberate and criminal-minded.

The criminal trial for ex-CEO of FTX Sam Bankman-Fried will proceed on the original eight-count criminal charges by the United States prosecutors. U.S. Department of Justice (DoJ) prosecutors wrote a letter addressed to District Judge Lewis Kaplan to insist on it.

DoJ Prosecutors Affirm Their Stance

In a letter to Judge Lewis Kaplan, the DoJ stated that they would proceed to try SBF on the original eight charges leveled against him in December 2022. 

These charges include: 

1. Conspiracy to commit wire fraud on customers
2. Wire fraud on customers
3. Conspiracy to commit wire fraud on lenders
4. Wire fraud on lenders
5. Conspiracy to commit commodities fraud
6. Conspiracy to commit securities fraud
7. Conspiracy to commit money laundering
8. Conspiracy to defraud the United States and violate campaign finance laws

Also, the DoJ attorneys referenced a motion filed by Sam Bankman-Fried in the Bahamas, where he argued that most of the 13 charges he currently faces are not part of the original indictment. 

But SBF was extradited from the Bahamas to face charges in the United States. And according to the DoJ prosecutors, they will proceed to trial as scheduled based on the counts in the original indictment.

Notably, the Supreme Court of the Bahamas stated that Bankman-Fried must have an avenue to challenge the new charges before the country can accept them.

In February 2023, SBF faced four additional criminal charges relating to commodities fraud and making illegal political contributions. 

Also, he faced a fifth additional charge in March centered on an alleged $40 million bribe to a Chinese government official. Despite the allegations, SBF pled not guilty, claiming that poor management rather than fraud was responsible for FTX’s collapse. 

Bahamas Stance Gives SBF Lifeline 

In a document filed on May 29, the US prosecutors agreed to drop some charges against SBF if the Bahamas government objects to them. This document came in response to a May 8 defense motion for SBF that attempted to dismiss some charges.

The defense claimed that the additional charges, such as violating campaign laws and bribing Chinese officials, were not part of the original indictment.

They stated that the extra charges violated the extradition treaty between the United States and the Bahamas and called for its dismissal. 

Notably, on June 14, the Supreme Court of Bahamas stated that SBF must receive the formal opportunity to object to the new charges leveled against him. This decision will likely prolong uncertainty over the total charges SBF will face in the scheduled October 2 trial.