Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Sam Bankman-Fried Pleads Not Guilty to Fraud, Requests for Guarantors to Be Kept Private

Published 01/04/2023, 06:15 AM
Updated 01/04/2023, 07:30 AM
Sam Bankman-Fried Pleads Not Guilty to Fraud, Requests for Guarantors to Be Kept Private

Sam Bankman-Fried Pleads Not Guilty to Fraud, Requests for Guarantors to Be Kept Private

Sam Bankman-Fried, the former CEO of bankrupt crypto exchange FTX, has pleaded not guilty to all fraud and money laundering charges before U.S. District Judge Lewis Kaplan in federal court in Manhattan.

Bankman-Fried Pleads Not Guilty

On Tuesday, January 3rd, in his second court appearance since the collapse of his cryptocurrency exchange, Sam Bankman-Fried entered his not-guilty plea to all eight criminal counts filed against him.

Prosecutors have accused SBF of conspiring to commit wire and securities fraud, individual charges of wire and securities fraud, defrauding customers, money laundering, and conspiracy to avoid campaign finance regulations.

If found guilty by the federal court in Manhattan, Bankman-Fried could spend up to 115 years behind bars due to the combined maximum sentence of the eight counts filed against him.

Bankman-Fried Seeks to Conceal Guarantors

U.S. prosecutors indicted SBF in early December, which led to his arrest in the Bahamas and his extradition to the U.S. His trial is scheduled to begin on October 2nd, 2023.

Bankman-Fried also requested to seal the identity of his two guarantors for his $250 million bond bail, citing public and media scrutiny concerns and his parents receiving threats. U.S. District Judge Lewis Kaplan granted the motion.

On the Flipside

  • Two of SBF’s top associates, Caroline Ellison, and Zixiao (Gary) Wang, both pled guilty to criminal charges against them.

Why You Should Care

SBF’s non-guilty plea entered in court is expected. He has previously said he didn’t intend to commit fraud but has acknowledged making mistakes while running the company.

Read about SBF’s arrest in:

Bahamas Authorities Arrest FTX Founder Sam Bankman-Fried; May Extradite Him to U.S.

Read about his release in:

SBF’s $250M Bail Bond: How Does It Work and Who Paid It?

See original on DailyCoin

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.