APIn a pre-trial motion, lawyers for Bankman-Fried asked the US District Court for the Southern District of New York to dismiss 10 of the 13 charges against him, arguing that in some of the charges prosecutors failed to "state an offense" or to "allege a valid property right."
The disgraced crypto currency highflyer has pleaded not guilty to fraud, conspiracy and money laundering charges.
Extradited to the United States in December from the Bahamas and put under house arrest, Bankman-Fried faces potentially dozens of years in prison. His trial is scheduled to begin in October in New York.
FTX and its sister trading house Alameda Research went bankrupt in November, dissolving a virtual trading business that at one point had been valued by the market at $32 billion.
Prosecutors allege Bankman-Fried cheated investors and misused funds that belonged to FTX and Alameda Research customers.
Bankman-Fried had once appeared on the covers of magazines, drew in huge investments from prominent fund managers and venture capitalists, and was touted as a future Warren Buffett.
He was arrested at his Nassau apartment on December 12 at the request of the federal prosecutors in New York.
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- Govt Mulls New Framework to Put IBC Cases on Fast Track
The government is considering a creditor-led insolvency resolution mechanism under the bankruptcy law to fast-track settlement and ease the burden on the National Company Law Tribunal (NCLT), people aware of the development said.
In ‘Reverse Flip’, Razorpay Parent Returning to IndiaBengaluru headquartered digital payments firm Razorpay is in the process of moving back its parent entity to India from the US, amid tighter sectoral regulations, said two people aware of the matter.The development comes months after Walmart-owned online payments firm PhonePe shifted its holding company to India from Singapore.
GST Violations Case: MoF Refuses to Act on Insurers’ Plea, Refers Matter to IrdaiThe finance ministry has declined to intervene in a plea for relief made by the insurance industry, which is facing penal action from tax authorities for goods and services tax (GST) input tax credit violations.
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