BREAKING: Sam Bankman Fried Pleads Not Guilty to Fraud Charges Tied to FTX Crisis

Sam Bankman-Fried was the founder of FTX. He entered a not guilty plea on Tuesday. He will be facing trial in October. This case is expected to be one of the most publicized white-collar fraud cases in recent memory.Sam Bankman-Fried, the disgraced cryptocurrency executive, returned to New York and pleaded not guilty on Tuesday to charges that he engaged in widespread fraud and other crimes, nearly two weeks after he was released by a Manhattan judge on a $250 million bond and ordered to stay with his parents in Palo Alto, California.The cryptocurrency exchange he started, FTX, collapsed as a result of BankmanFried’s -fraud, according to allegations made against him in Federal District Court, where he is currently being tried for his role in the massive losses suffered by his clients.The former crypto billionaire was charged with conspiracy to commit wire fraud and securities fraud, as well as separate counts of securities fraud and wire fraud, money laundering, and conspiracy to circumvent laws governing campaign finance.Bankman-Fried’s trial was scheduled to begin on October 2 before Judge Lewis Kaplan.A swarm of cameras surrounded Bankman-Fried as soon as his black SUV pulled up outside the courthouse. Bankman-Fried’s mother couldn’t get out of her car due to the crowd. Attorneys say that the plea was not unexpected, but it gives the 30-year old extra time. After learning more about the prosecution’s case, Bankman-Fried will have the opportunity to prepare his next steps. The case will be subject to a lengthy trial that could last at least four weeks. According to Danielle Sassoon, Bankman-Fried will be able to properly prepare his next course of action after learning more about the prosecution’s case against him. Attorneys for FTX believe Bankman-Fried helped Bahamian officials transfer hundreds of millions of dollars without authorization. The U.S. attorneys representing FTX appear to agree with federal prosecutors. Sassoon asked that Kaplan create a new prohibition against Bankman Fried accessing FTX client assets or moving. According to Manhattan US Attorney Damian Williams who is leading the Bankman/Fried case, the judge granted this motion. The task force will track and recover victim assets using the asset forfeiture and cyber capabilities of the office.Bankman-Fried’s lawyers submitted a motion earlier in the day to have the identities of the two people who had promised to see him released on bail with a bond sealed. They argued that the guarantors should not be subject to the same scrutiny as the defendant, because Bankman-Fried’s parents were already at risk due to the case’s public nature. Kaplan granted the motion in court. However, he said that he would approve the request but that he was open to reviewing it if necessary.
Kaplan stated, “I anticipate that the members of media or other may wish to contest sealing of that information.”
Bankman-Fried was indicted in New York’s federal court on December 9. Three days later, Bankman-Fried was detained by the Bahamas law enforcement at the request US prosecutors. Bankman-legal Fried’s team in the Bahamas wavered after his indictment on whether or not their client would agree to extradition.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: coincu.comHaroldCoincu NewsTags: BahamasFTXHOTLewis KaplanPleads Not GuiltySam Bankman-FriedSBFTrending