Sam Bankman-Fried, the previous CEO of cryptocurrency trade FTX, pleaded not responsible to fraud fees at a listening to immediately.
The 30-year-old former billionaire appeared earlier than US District Decide Lewis Kaplan at a federal court docket in Manhattan, the place he entered a ‘not responsible’ plea for eight felony fees.
Decide Kaplan set a tentative trial date for Monday, October 2. Federal prosecutors estimated that the trial might take about 4 weeks.
Bankman-Fried is accused of utilizing funds from consumer accounts to finance his hedge fund, Alameda Analysis, in addition to to buy actual property within the Bahamas and make donations to political campaigns.
Bankman-Fried might face a sentence of as much as 115 years in jail if convicted on all fees.
Bankman-Fried was arrested within the Bahamas on December 12. He was extradited again to the US on December 21, the place he was launched on home arrest after paying $250million in bail.
The previous billionaire shall be required to reside together with his mother and father, Joseph Bankman and Barbara Fried, who additionally co-signed his bond – together with two different unnamed co-signers.
Attorneys for the defendant have requested to maintain the names of the opposite two co-signers sealed, citing ‘intense media scrutiny, harassment, and threats’ Bankman-Fried’s mother and father have obtained since their son’s return to the US.
Decide Kaplan stated he would rule on Bankman-Fried’s request at a later date.
After he was extradited, federal prosecutors revealed that two of Bankman-Fried’s enterprise associates secretly plead responsible to fraud fees and had been cooperating with the federal government.
Caroline Ellison, Alameda Analysis’s former CEO, pleaded responsible to seven fees associated to the fraud. Gary Wang, FTX’s chief know-how officer, pleaded responsible to a different 4 fees.
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