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

Bankman-Fried has pleaded not guilty to all his fraud charges. Judge also granted his request to keep his guarantors anonymous.

Sam Bankman-Fried wearing gloves showing hand signs with Pinocchio nose.

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.

Sponsored

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.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia