U.S. Attorneys Abandon Additional Fraud Claims Against Bankman-Fried

The legal team led by Damian Williams, representing the Southern District of New York, has opted not to advance the remaining allegations against him, focusing particularly on issues like foreign bribery and bank fraud. Moreover, a charge concerning illicit political donations, which had been isolated from the initial indictment due to complications surrounding extradition with the Bahamas, will also be dropped. US Attorney In a correspondence detailing their decision, the prosecutors pointed out that evidence related to several of the charges had already been introduced during Bankman-Fried’s previous court appearances. Ultimately, he was found guilty on all seven counts involving fraud and conspiracy tied to his administration of FTX and its associated trading firm, Alameda Research. Sam Bankman-Fried (SBF) Prosecutors clarified that while the jury didn’t get to discuss this evidence, it would still be considered during the sentencing stage.

They noted, \"Moving ahead with sentencing in March 2024 without the delays that would accompany a second trial is crucial for ensuring the public's interest in a prompt and fair resolution of this case.\" FTX The date set for Bankman-Fried's sentencing is March 28, 2024.

Prosecutor’s Judgment Shadows Unanswered Questions

With the prosecutors’ choice to drop these charges, certain details might remain undisclosed, including the roles of Thai sex workers in Alameda's strategy that aimed to release its Chinese accounts—this incident ultimately led to payments made to officials in China as testified by Caroline Ellison, the star witness and former CEO of Alameda.

Interestingly, the cryptocurrency sector seems particularly focused on one specific charge that has been dropped: the illicit political donation claim. This is particularly significant given Bankman-Fried’s well-documented financial support to various Democratic and Republican figures. Prosecutors alleged that he misused client funds for a staggering $100 million in political contributions. This decision also raises alarms regarding the increasing “normalization” of corrupt practices.

Bankman-Fried Found Guilty on All Seven Fraud Counts

The jury, after four hours of deliberation, reached a unanimous decision, convicting him on all seven fraud-related charges. The counts included two instances of wire fraud, another two for conspiracy to commit wire fraud, along with one count each of securities fraud, commodities fraud conspiracy, and money laundering conspiracy. Alameda He was said to have misappropriated $8 billion from users of his now-defunct cryptocurrency exchange, FTX. Prosecutors claimed that Bankman-Fried diverted these funds to his hedge fund, Alameda Research, even as he publicly reassured customers about the safety of their investments.

The misappropriated funds were allegedly used for executive loans, high-risk ventures, and substantial political donations aimed at influencing favorable regulatory measures in the cryptocurrency space.

His request for a four to six-week delay in the sentencing hearing was rejected. It was noted that he had already received one prior extension for submitting necessary documentation.

On November 3 in 2023, Bankman-Fried was convicted Bankman-Fried’s guilty verdict marks a pivotal point in his legal saga, signifying yet another significant development in the ongoing story surrounding FTX’s collapse.

Bankman-Fried was accused of misappropriating Please be informed that the information shared here does not serve as legal, tax, investment, financial, or other forms of advice. It’s crucial to only invest money you can afford to lose and obtain independent financial advice if you have any uncertainties. For more details, we recommend reviewing the terms and conditions along with the help and support resources offered by the issuer or advertiser. MetaversePost is dedicated to providing accurate, unbiased information, but market conditions can shift without warning.

Alisa, a committed reporter at Cryptocurrencylistings, focuses on cryptocurrency, zero-knowledge proofs, investments, and the rapidly expanding world of Web3. With a sharp perspective on emerging trends and technologies, she offers thorough coverage designed to inform and engage readers amidst the continuously evolving digital finance landscape.

Last month, Bankman-Fried’s Blum Commemorates One Year Anniversary with Awards for ‘Best GameFi App’ and ‘Best Trading App’ at Blockchain Forum 2025

Addressing DeFi Fragmentation: Examining How Omniston Boosts Liquidity on TON