The co-founder and former head of the exchange platform cryptocurrencies FTX, Sam Bankman-Friedhe pleaded not guilty Tuesday to the eight counts against him, in federal court in New York.
Indicted in particular for fraud and criminal association, “SBF”, his nickname, had been extradited at the end of December from the Bahamas, where the FTX headquarters were located, then released upon his arrival in New York, on bail of 250 million of dollars.
At the hearing, the merchant and entrepreneur, in a dark suit and tie, did not take the floor and let his lawyer Mark Cohen speak on his behalf. Sam Bankman-Fried’s strategy differs from that of a former FTX executive, Gary Wang, who pleaded guilty last month and is working with authorities, as well as Caroline Ellison, former head of FTX’s sister platform Alameda Research.
Political speculation and donations
Sam Bankman-Fried is alleged to have used funds deposited by clients on the FTX platform with associates to engage in speculative financial transactions through Alameda Research. Outre les transactions à risque via Alameda, il est également soupçonné d’avoir invest une partie de cet argent dans de l’immobilier aux Bahamas et d’avoir effectué des donations à des personnalités politiques démocrates — always avec des fonds de clients de FTX , of which Joe Biden during his presidential campaign.
Federal Judge Lewis Kaplan has set Oct. 2 as the start date for the trial of the man who was once credited with a fortune estimated at $26 billion but lost it all in the bankruptcy of FTX and Alameda. Manhattan federal attorney’s office representative Danielle Sassoon estimated the trial would take four weeks, when the defendant’s attorneys indicated two to three weeks. Judge Kaplan did not rule on this point.
Five of the eight counts against Sam Bankman-Fried each carry a maximum sentence of twenty years in prison. Currently under house arrest with his parents in California, he therefore risks spending the rest of his life in prison.
