Sam Bankman-Fried pleads not guilty to fraud and defrauding investors. Judgment will take place in October

Sam Bankman-Fried, the former head of FTX and now a defendant in a fraud case, refused to admit his guilt. The first court session took place yesterday, January 3, in the court of the Southern District of New York.

Lawyers for the entrepreneur said that he does not plead guilty to fraud and deception of investors.

The trial is scheduled for October 2, 2023 – it will last about four weeks. Until that time, the prosecution must collect evidence of Bankman-Fried’s guilt. Federal Attorney Daniel Sassoon argues that the evidence is already quite sufficient, and a large number of documents will be handed over to the defense in the near future.

The prosecution’s case relies on allegations that Bankman-Fried and other FTX executives used the crypto exchange’s assets to fund a subsidiary of Alameda Research without the consent or knowledge of users or investors.

In addition, the prosecution alleges that he conspired to commit securities fraud, conspired to commit money laundering, and violated United States campaign finance laws. Bankman-Fried is alleged to have made donations on behalf of others to bypass the $25,000 annual campaign funding cap. The former crypto billionaire faces 115 years in prison on the charges.

FTX co-founder Gary Wang and former Alameda CEO Caroline Ellison have already pleaded guilty to related charges, with the latter alleging that FTX loaned funds to Alameda from 2019 to 2022.

The most interesting and important news on our channel in Telegram

Comments (No)

Leave a Reply