FTX founder not guilty? The prosecution counters

Sam Bankman Fried FTX

Sam Bankman Fried – FTX founder – credit: Alamy

L’ex-CEO of the stock exchange FTX, Sam Bankman-Friedasks the court for theannulment numerous charges against him. L’accusationvia prosecutors, riposte facing justice to make obstacle.

Unlike other FTXCaroline Ellison, Gary Wang and Nishad Singh, Sam Bankman-Fried plead not guilty. The former CEO of the crypto exchange contests the heavy charges brought against him.

At the beginning of May, Bankman-Fried filed preliminary motions with the court to have many of the charges dismissed. Out of the question, reacted prosecutors to the Manhattan federal court judge.

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A prosecution seeking judgment, not facts?

For the accused, the procureurs acted in haste following a massive crash in 2022, reports Reuters. And SBF points out that other players were then forced into bankruptcy. FTX’s collapse was therefore not the consequence ofcriminal acts.

Bankman-Fried victim of find a culprit ? The prosecution does not intend to let these arguments stand. It has engaged the retort Monday May 29 in a document filed with the court.

For prosecutors, SBF’s motions to contest the charges are without merit. They challenge the former golden boy’s line of defense that the elements of the indictment are insufficient and legally questionable.

The indictment sufficiently alleges that the defendant and his co-conspirators made false and misleading statements to the lenders regarding Alameda’s financial condition. No other specificity is required,” they counter, among other things.

False and misleading statements

The judge will hear both parties on June 15th during a court hearing. The collaboration of his former associates with the prosecution did not benefit the defense of SBF. And the audits carried out by the managers of the bankrupt stock exchange are, on the face of it, damning.

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For the liquidator, the faults committed were multiple, serious and attributable to a “small group of individuals”. “These individuals controlled the company “closely” and “falsely claimed to manage the FTX group responsibly”.

The existence of misconduct does not necessarily confirm a deliberate intent to commit a crime or an admission that customer funds were used without their knowledge. These facts must be established by the prosecution and corroborated.

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