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The Bahamas government’s response will determine whether to go on with or drop some of the cases.
Sam Bankman-Fried was apprehended last year in the Bahamas and subsequently transferred to the United States. The allegations against him involve multiple charges relating to financial fraud and the collapse of FTX. Bankman-Fried is charged with engaging in illegal activities, including allegedly working with former FTX executives to persuade American legislators to pass legislation that would benefit FTX. In carrying out these allegedly illegal actions, he managed to exceed the maximum contribution amounts the law permits. He was consequently accused of making illegal political contributions and bank fraud.
Bankman-Fried was additionally accused of crimes related to paying off a foreign government to unfreeze brokerage accounts linked to his hedge fund, money laundering, and running an unlicensed money transfer operation, among others.
Lawyer Argues for Dropping 10 out of 13 Charges for Bankman-Fried
However, Bankman-Fried’s legal counsel took action by filing a motion in the United States Court to have the charges against him dismissed. According to his lawyer, many of the offenses were not sufficiently specified. Bankman-Fried is currently facing a total of 13 charges, all of which he has pleaded not guilty to. In addition, his lawyer is specifically seeking the dismissal of ten of those accusations.
The former CEO’s attorney also claims that under the conditions surrounding the US-Bahamas treaty that governs his extradition, he can only be prosecuted on the specific grounds for which he was extradited. It is claimed that the US government added unrelated criminal charges and new elements without the Bahamas government’s consent. As a result, the defense argues that these new motions should be dismissed.
The US government went on to state that at this point in the case, there is no justification to drop any of the charges. The Department of Justice made it clear that there are no limitations on bringing new accusations against a defendant after extradition under the terms of the agreement between the United States and the Bahamas.
However, it is acknowledged that the Bahamas has the authority to waive some post-extradition requirements. In light of this, the US Justice Department is currently seeking a waiver from the Bahamas government in order to move forward with particular aspects of the cases. The course of action will ultimately depend on how the Bahamas government responds. The charges will move forward as planned if the Bahamas government approves the waiver. If the waiver is denied, on the other hand, the US Department of Justice will be forced to drop the new cases and concentrate only on the accusations that prompted Bankman-Fried’s extradition.
On June 15, a court hearing will be held to discuss the motion asking that 10 of Bankman-Fried’s 13 charges be dropped. The outcome of this proceeding will have a big impact on how the case might turn out.