Sam Bankman-Fried ‘will probably not plead GUILTY’ to defrauding investors out of billions
Sam Bankman-Fried ‘will probably NOT plead GUILTY’ to defrauding investors out of $1.8 billion – as FTX boss breaks his silence from house arrest to squash claims he reactivated Alameda wallets after posting bail deposited $250 million
- Disgraced FTX founder Sam Bankman-Fried “will likely plead not guilty” next week.
- US Attorneys charged Bankman-Fried with eight counts of fraud
- He broke his silence today and denied claims he had reactivated Alameda wallets
According to the Wall Street Journal, disgraced FTX founder Sam Bankman-Fried is likely to plead not guilty at a hearing next week.
The US Attorney’s Office for the Southern District of New York had previously charged Bankman-Fried with eight counts of fraud, alleging that he oversaw one of the largest financial scams in American history.
The 30-year-old broke his silence from house arrest by slamming down claims he reactivated Alameda wallets just days after posting his $250 million bail.
The embattled cryptocurrency mogul denied having access to now-bankrupt trading firm Alameda Research, FTX’s sister company, on social media on Friday.
Disgraced cryptocurrency mogul Sam Bankman-Fried will plead “likely not guilty” to eight counts of fraud at a hearing next week, according to The Wall Street Journal
Bankman-Fried’s parents’ home, where he will take refuge while under house arrest
“I’m not one of those,” he said in a post on Twitter, linking to an article from cointelegraph.com that covers a wide range of news on blockchain technology, crypto assets, and emerging fintech trends.
The article spoke of funds being transferred from crypto wallets just days after the former CEO was released on bail.
It goes on to say that the transfer of funds from Alameda wallets has piqued the community’s curiosity, but even more so how the funds were transferred.
“I will not and could not move any of these funds; I no longer have access to it,” Bankman-Fried said.
Bankman-Fried is expected to file a plea bargain next week in response to criminal charges alleging he defrauded investors and looted billions of dollars in client funds in his failed cryptocurrency exchange.
The 30-year-old will be arraigned before US District Judge Lewis Kaplan in federal court in Manhattan at 2pm on Jan. 3, three days into the new year, the court confirmed to DailyMail.com.
Bankman-Fried, founder and former CEO of cryptocurrency exchange FTX, is handcuffed to a plane during his extradition from the Bahamas to the United States on December 21
Barbara Fried, mother of the embattled FTX founder, was seen arriving in court in New York on December 22. Bankman-Fried’s parents agreed to post bail for $250 million
Kaplan got the case Tuesday after the original judge backed out because her husband’s law firm advised FTX before her shocking collapse.
Bankman-Fried is accused of engaging in a years-long “scam of epic proportions,” which he committed primarily through using customer deposits to support his trading company Alameda Research, buying real estate and making record-breaking political donations.
The embattled “crypto brother” faces two counts of wire fraud and six counts of conspiracy, including money laundering and campaign finance violations.
If convicted, the 30-year-old faces life in prison if he faces a maximum sentence of 115 years in prison.
Prior to his December 12 arrest in the Bahamas, SBF acknowledged risk management failures at FTX but claimed he did not believe he was criminally liable.
Two of its key associates, Caroline Ellison, former CEO of Alameda, and Gary Wang, former chief technology officer of FTX, have pleaded guilty to their roles in FTX’s collapse and have agreed to cooperate with prosecutors.
Bankman-Fried was released on December 22 on a massive $250 million bond and ordered to remain under house arrest with his parents at their $4 million home in Palo Alto, California, where they attend Stanford teach law school.
FTX filed for bankruptcy protection on November 11 as the once vaunted firm collapsed under the weight of its own failed system.
https://www.dailymail.co.uk/news/article-11586545/Sam-Bankman-Fried-likely-plead-NOT-GUILTY-defrauding-investors-billions.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 Sam Bankman-Fried ‘will probably not plead GUILTY’ to defrauding investors out of billions