FTX's Sam Bankman-Fried hopes a Supreme Court decision limiting the scope of fraud prosecutions will bolster his defense as he fights charges stemming from the collapse of his crypto exchange. Legal experts say odds of getting charges dismissed are slim
On May 8, Bankman-Fried asked U.S. District Judge Lewis Kaplan to dismiss most of the charges against him, arguing that some were based on a theory of fraud that centers around depriving a victim of economically-valuable information rather than tangible property.the conviction of a Buffalo construction executive accused of bid-rigging. The Court said the theory is "inconsistent with the structure and history of the federal fraud statutes.", said in a May 12 letter to U.S.
"If the customers turned over their money to FTX based on allegedly fraudulent statements that Bankman-Fried made, the government would argue that is a deprivation of property," said Mark Kasten, counsel at Buchanan Ingersoll & Rooney in Philadelphia. Bankman-Fried's case is part of an escalating crackdown on alleged abuses at digital asset exchanges by U.S. prosecutors and regulators, following last year's plunge in the values of Bitcoin and other tokens as central banks raised interest rates. Officials say Bankman-Fried portrayed FTX as a safe, responsible platform in the volatile sector, even as he was diverting customer funds.
"It is to me logical to argue that you are not trying to obtain money or property when you lie ... to open up an account," Tuchmann said.
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