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.
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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.
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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.Â
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?
