Former CEO of FTX, Sam Bankman-Fried, who raised the bankruptcy flag, goes to court in the USA.
Sam Bankman-Fried is charged with conspiracy, including twice for bank fraud and six times for money laundering and campaign finance violations. If found guilty, he could be sentenced to up to 115 years in prison.
Can Sam Bankman-Fried Prove His Innocence?
Sam Bankman-Fried is expected to plead not guilty to charges that he defrauded investors and plundered billions of dollars on the bankrupt FTX cryptocurrency exchange.
Bankman-Fried is accused of illegally using FTX client deposits to support the Alameda Research hedge fund, buy real estate and raise millions of dollars in political contributions, in what prosecutors call an epic fraud.
Bankman-Fried was released on $250 million bail last month after he was extradited from the Bahamas, where he lived and exchanged. Since its release, Bankman-Fried has been subject to electronic monitoring. Now she is preparing to appear before US District Judge Lewis Kaplan in Manhattan.
The prosecution case was strengthened when two of Bankman-Fried’s closest associates pleaded guilty last month.
Caroline Ellison, Alameda’s chief executive officer, and Gary Wang, FTX’s former chief of technology, pleaded guilty to seven and four charges, respectively, and agreed to cooperate with prosecutors.
