Sam Bankman-Fried wants his case thrown out of court

Bankman-Fried's lawyers argue that the charges are "legally and factually unmoored," and that the Commodity Futures Trading Commission (CFTC) has no authority to bring them.

Sam Bankman-Fried wants his case thrown out of court

New York CNN

On Monday, lawyers for FTX's founder Sam Bankman Fried filed motions to dismiss US fraud charges against him.

Attorneys for Bankman-Fried said that the government had failed to adequately explain the offenses committed by the former CEO and founder of the bankrupt cryptocurrency exchange. The attorneys urged the court to dismiss most of the charges, including fraud and bribery.

Bankman-Fried pleaded guilty to not one but 13 charges.

Bankman-Fried is accused by prosecutors of stealing FTX deposits from customers to fund risky bets in his hedge fund Alameda Research and to funnel money to American politicians.

Before it filed for bankruptcy, FTX was one of the most reputable and well-respected crypto platforms.

The judge has set the next hearing date for 15 June, when Bankman-Fried will be expected to return to court.

Bankman-Fried, 31, is currently under house arrest after posting a bond of $250 million. He is waiting for his trial at the home of his parents in Palo Alto. California. Bankman-Fried admitted mishandling of his business, but denied fraud.

Three former Bankman-Fried business partners, Gary Wang (formerly of Bankman Fried), Caroline Ellison (formerly of Bankman Fried) and Nishad Singh have all pleaded guilty and are cooperating fully with the investigators.

He could spend more than 155 prison years if convicted of all charges. A trial is scheduled for October.