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Former FTX Managing Director Sam Bankman-Fried pleaded not guilty to all criminal charges related to the crypto exchange crash, including bank transfer fraud, securities fraud, and breaches of election financing laws.
Many observers at the U.S. District Court in New York's South District on January. 3 reported that Bankman-Fried’s attorneys had entered a not guilty plea on SBF’s behalf in his first court appearance since December. Bankman-Fried faces eight criminal counts which could result in 115 years in prison should he be convicted.
ADA Danielle Sassoon, one of the attorneys in the case against the former FTX framework, would have stated that it was his team's intention to provide SBF counsel with evidence within the next two weeks. The former FTX CEO had been under house arrest at his parents' home in California since December 22. The former FTX CEO had been under house arrest at his parent's home in California since December 22.
Returned to New York for audience. According to Reuters, Sassoon planned a trial of four weeks from September or October.Sam Bankman-fried came to court for his indictment. pic.twitter.com/yakSLkOus8
— Connell McShane (@connellmcshane) January 3, 2023
At the same hearing, Judge Lewis Kaplan granted a request from SBF’s legal team to redact identifying information on individuals acting as sureties for his $250-million bond. Sam Bankman-Fried came to the courthouse on indictment. connell mcshane (@connellmcshane) Jan 3rd, Twenty-three at the same hearing, Justice Lewis Kaplan has granted the SBF Legal Team's request to redact ID information on persons acting as sureties for his $250 million bail.
Related: Sam Bankman-Fried’s Alameda Research troubles predate FTX: Report
Prosecutors' case against SBF hinges on allegations that Bankman-Fried and other FTX executives used assets from the crypto exchange to fund investments through Alameda Research without the consent or knowledge of users or investors. Bankman-Fried's parents have reportedly been "closely scrutinized, harassed and threatened by the media" since his bail was published in December.
FTX co-founder Gary Wang and former Alameda CEO Caroline Ellison have already pled guilty to related charges, with the latter claiming FTX was a “borrowing facility” for Alameda from 2019 to 2022. John Ray took over as CEO of FTX amid bankruptcy proceedings and also spoke to lawmakers in a December hearing exploring the collapse of the firm.
