U.S. DOJ Drops Campaign Finance Charge Against FTX Founder Sam Bankman-Fried

Jul 27, 2023 5:28 AM

The U.S. Department of Justice Drops Campaign Finance Charge Against FTX Founder

The U.S. Department of Justice (DOJ) has decided not to pursue a campaign finance charge against Sam Bankman-Fried, the founder of FTX. This decision came after consultations with The Bahamas, where Bankman-Fried was originally arrested, regarding the inclusion of the charge in the extradition document from last year.

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The DOJ initially indicted Bankman-Fried on eight counts in late 2022 and later added five more charges.
Bankman-Fried’s defense team argued that The Bahamas had to agree to the additional charges as per the terms of the U.S.’s extradition treaty with the nation.
The Bahamas did not include the campaign finance violation charge in its extradition treaty with the U.S., leading to the DOJ’s decision not to proceed to trial on that count.
During a recent hearing, Bankman-Fried was alleged to have shared private documents with the New York Times to discredit a former Alameda Research executive.
Bankman-Fried’s trial is currently scheduled for October 2, and it is unclear if the campaign finance charge will be included in the second trial scheduled for March.

Hot Take: The DOJ’s decision to drop the campaign finance charge against Sam Bankman-Fried shows the impact of extradition treaties on the prosecution’s ability to pursue charges. This development could have significant implications for the upcoming trials and raises questions about the overall strength of the case against Bankman-Fried.