- The prosecutor’s office has made concessions to SBF
- It has removed 5 of the 13 counts of the indictment
- Powers fear the trial in the Bahamas will drag on
The US Attorney’s Office for the Southern District sent a statement to court last night, June 14, agreeing to remove 5 of the 13 counts of the indictment against SBF. The agency attributed this to the fact that the trial in the Bahamas could be significantly delayed.
We reported yesterday that the Supreme Court of the Bahamas sided with Bankman-Frieda attorneys. SBF was given the right to defend the dismissal of a number of charges.
Local authorities’ hands were tied.. The Foreign Ministry and Attorney General’s Office cannot ratify the additional February and March 2023 counts until this process is completed.
Hence, the U.S. process could be delayed. Although SBF’s chances in court in the Bahamas were high, but not 100 percent, authorities made concessions.
The Southern District Attorney’s Office dropped 5 of 13 charges, including bribery and bank fraud. The agency’s explanation was that the proceedings could drag on, with the Bankman-Fried trial in the U.S. taking place as early as this fall.
“In light of the uncertainty of when the Bahamas will rule on specificity, and to simplify the evidentiary process at trial and reduce the burden of preparation on the defendant, the government is prepared to proceed with the trial as scheduled and on the charges outlined in the original act,” the letter said.
This is Bankman-Fried’s first major victory in court. As a reminder, he could face more than 100 years in prison.