Attorneys for FTX founder Sam Bankman-Fried (SBF) have asked a judge to drop the charges against him out of court. According to the document filed yesterday, May 08, the many allegations against SBF were a “snap judgment” by prosecutors. Specifically, it says, “Rather than wait for traditional civil and regulatory proceedings to run their normal course, the government jumped in with both feet and attempted to turn these civil and regulatory issues into federal crimes.”
The charges against FTX’s founder include several counts, most related to fraud and money laundering. SBF allegedly used stolen funds to finance the Democratic campaign; he was the second-largest donor. If convicted by the court, Bankman-Fried faces more than 100 years in prison. He is currently under house arrest and close supervision.
Although the regular trial is scheduled to begin in early October, it is still being determined whether the judge will consider dropping the charges against Bankman-Fried.