Sam Bankman-Fried Will Plead not Guilty to Fraud Charges and Faces 115 Years if Convicted – Report

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Sam Bankman Fried, founder and CEO of FTX, is expected to plead not guilty to fraud charges stemming from the collapse late last year.

According to a Reuters report, Bankman Fried will plead not guilty to criminal charges he defrauded investors.

The former crypto billionaire is accused of illegally transferring FTX customer money to finance Alameda Research, make donations to politicians, or pay for highly illiquid investments.

Bankman Fried will appear in Manhattan before U.S. Judge Lewis Kaplan on Tuesday, January 3, to enter his plea.

Bankman Fried is currently in California under GPS-monitored residence arrest. The bond for $250 million was secured by his equity in the family home. His signatures also include those of his parents and unnamed people who have large assets.

Caroline Ellison was the ex-CEO at Alameda Research and has pleaded guilty. She also agreed to cooperate fully with investigators.

Ellison admitted being aware that FTX used customer funding to finance loans to Alameda.

What I understood was that if Alameda FTX accounts had significant balances for a particular currency, it meant Alameda was borrowing funds that FTX’s customers have deposited on the exchange.”

According to the report, Bankman Fried could be sentenced to 115 years in prison if convicted of all of his charges.

Via this site



Chris Munch

Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.

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