Former FTX CEO Sam Bankman-Fried is set to face 13 criminal counts over two separate trials beginning in October 2023 and March 2024. His legal team had filed motions seeking to dismiss 10 of the 13 criminal charges against him, leaving only three. However, a federal judge has denied the motions, citing precedent from the US Court of Appeals for the Second Circuit. The judge stated that dismissal of charges is an “extraordinary remedy” reserved only for extremely limited circumstances implicating fundamental rights and should be reserved for truly extreme cases, especially where serious criminal conduct is involved. Bankman-Fried will face all eight charges originally brought in December 2022, four added in February 2023, and one in March 2023. The last five counts will be addressed in a separate trial scheduled to start in March 2024.
Bankman-Fried has pleaded not guilty to all charges. In December 2022, former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang pleaded guilty to related federal fraud charges. Both the US Securities and Exchange Commission and Commodity Futures Trading Commission are expected to bring civil lawsuits against SBF following the conclusion of his criminal trials. FTX’s bankruptcy case is also ongoing in the District of Delaware.