On Monday, attorneys for FTX founder Sam Bankman-Fried filed motions to dismiss the US government’s fraud charges against him.
Bankman-Fried’s attorneys claimed that the government failed to adequately explain the offenses committed by the former CEO of the bankrupt crypto exchange. They urged the judge to dismiss the majority of the charges brought against him, which included fraud and bribery.
Bankman-Fried has pleaded not guilty to all 13 charges leveled against him.
Prosecutors claim that Bankman-Fried used FTX customer deposits to fund risky bets at his hedge fund, Alameda Research, as well as to funnel contributions to American politicians.
Before declaring bankruptcy in November, FTX was one of the most respected and recognized crypto platforms.
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The government has two weeks to respond to Bankman-Fried’s lawyers’ motions, and the judge has scheduled the next hearing for June 15, when Bankman-Fried is expected to return to court.
Bankman-Fried, 31, is being held under house arrest on a $250 million bond. He is being held at his parents’ home in Palo Alto, California, awaiting trial. Bankman-Fried admitted to mismanaging his business but denies engaging in fraud.
Gary Wang, Caroline Ellison, and Nishad Singh, three of Bankman-Fried’s former business partners, have pleaded guilty to numerous charges and are cooperating with investigators.
He could face more than 155 years in prison if convicted on all counts. A trial date has been set for October.
