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.
About the Author
Chris Munch is a professional crypto writer, researcher, and journalist with extensive experience in the cryptocurrency and blockchain space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. He has written numerous articles and research papers on a variety of topics, including market analysis, investment strategies, and the latest developments in the industry. With a background in finance and economics, Chris has a deep understanding of the economic and financial forces that drive the crypto market. 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. In addition to his writing, Chris is also a sought-after speaker and commentator on crypto and blockchain-related topics. He has appeared on numerous podcasts, webinars, and other events, sharing his knowledge and expertise with audiences around the world.
Follow him: https://www.facebook.com/mrmunchweb