FTX founder Sam Bankman-Fried faces two criminal trials

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Prison expenses towards FTX co-founder Sam Bankman-Fried have been break up, with the previous CEO now dealing with two separate trials for his alleged mismanagement of the crypto trade.

Bankman-Fried is dealing with a total of 13 charges regarding fraud, fraud conspiracy and bribery. A trial for all the costs was scheduled to start on Oct. 2.

5 of these expenses will now be break up off right into a second trial on March 11, 2024, in response to a June 15 ruling from United States District Courtroom Choose Lewis Kaplan.

The total textual content of Choose Kaplan’s June 15 order. Supply: CourtListener

Initially the FTX founder was extradited to the U.S. in December 2022 on eight charges, with additional indictments including another five charges in February and March 2023.

The cost break up comes as DOJ prosecutors requested a waiver from Bahamian authorities to strive Bankman-Fried on the 5 further expenses they imposed after his extradition from the nation.

Attorneys for the FTX co-founder attempted to dismiss these expenses saying he couldn’t be tried on expenses made after the extradition.

Associated: Exchanges pledged $2.5B to user protection funds amid FTX’s collapse: Report

On June 14, DOJ attorneys stated they might proceed to try Bankman-Fried on the unique eight expenses they leveled towards him citing a probably prolonged course of if the court docket was to attend for the approval of a movement filed by Bankman-Fried in The Bahamas.

The brand new trial in March will give attention to the costs of bribery conspiracy, conspiracy to function an unlicensed money-transmitting enterprise, financial institution fraud conspiracy together with derivatives and securities fraud.

The opposite expenses relate to numerous wire, derivates and securities fraud and conspiracy allegedly carried out at FTX and Alameda Analysis together with accusations of cash laundering.

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