Prosecutors urged a Manhattan federal court judge on Monday to deny a request by FTX founder Sam Bankman-Fried to dismiss criminal charges accusing him of stealing billions of dollars from customers to plug losses at his hedge fund.
to 13 counts of fraud, conspiracy, making illegal campaign contributions and foreign bribery.U.S. District Judge Lewis Kaplan to dismiss most of the counts, saying prosecutors charged him in a "rush to judgment" following a broad crash in 2022 where several prominent crypto companies went bankrupt, including his own Alameda Research.
"The Indictment sufficiently alleges that the defendant and his co-conspirators made false and misleading representations to lenders relating to Alameda's financial condition. No more specificity is required," prosecutors wrote.Bankman-Fried has said FTX's risk management was subpar, but has denied stealing funds. He has sought to distance himself from the collapse of Alameda, the crypto-focused hedge fund he owned.
The Supreme Court called the theory "inconsistent" with how federal fraud laws had been written and historically applied, when it overturned a bid-rigging conviction of a Buffalo, New York, construction executive, earlier this month.of getting the charges tossed, because prosecutors can point to tangible money that his customers lost.
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