Sam Bankman-Fried enters not guilty plea for all counts in federal court

Former FTX CEO Sam Bankman-Fried has pled not responsible to all legal prices he’s dealing with associated to the collapse of the crypto alternate, together with wire fraud, securities fraud and violations of marketing campaign finance legal guidelines. 

A number of observers in america District Courtroom within the Southern District of New York on Jan. 3 reported that Bankman-Fried’s attorneys had entered a not-guilty plea on SBF’s behalf in his first courtroom look since December. Bankman-Fried faces eight legal counts, which might lead to 115 years in jail ought to he be convicted.

Assistant U.S. Lawyer Danielle Sassoon, one of many prosecutors within the case towards the previous FTX govt, reportedly stated her group meant to supply SBF’s attorneys with paperwork of proof inside the subsequent two weeks. Reuters reported that Sassoon was anticipating a four-week trial, which courtroom information confirmed scheduled for Oct. 2.

The previous FTX CEO had been underneath home arrest at his father or mother’s residence in California since Dec. 22 however returned to New York for the plea listening to. Decide Lewis Kaplan additionally stipulated that Bankman-Fried’s bail was contingent on him not accessing or transferring any cryptocurrency or property from FTX or Alameda — seemingly in response to stories he had moved funds from Alameda wallets whereas at residence. 

On the identical listening to, the decide granted a request from SBF’s authorized group to redact figuring out info on people performing as sureties for his $250-million bond. Bankman-Fried’s dad and mom have reportedly been “the goal of intense media scrutiny, harassment, and threats” since posting his bail in December.

Associated: Sam Bankman-Fried’s Alameda Analysis troubles predate FTX: Report

The prosecution’s case towards SBF hinges on allegations that he and different FTX executives used property from the crypto alternate to fund investments via Alameda Analysis with out the consent or data of customers or buyers. The alternate filed for chapter on Nov. 11.

FTX co-founder Gary Wang and former Alameda CEO Caroline Ellison have already pled responsible to associated prices, with the latter claiming FTX was a “borrowing facility” for Alameda from 2019 to 2022. John Ray took over as CEO of FTX amid chapter proceedings and in addition spoke to lawmakers in a December listening to exploring the collapse of the agency.

Up to date Jan. 3 to incorporate the trial date scheduled for Oct. 2 and orders on transferring FTX and Alameda property.

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