FTX Founder Sam Bankman-Fried Pleads Not Guilty to Fraud
Sam Bankman-Fried, founder of FTX, during his arraignment and bail hearing on December 22, 2022 in federal court in Manhattan, New York
FTX founder Sam Bankman-Fried pleaded not guilty on Tuesday to fraud charges related to the cryptocurrency platform's downfall, according to a statement made by his attorney in Manhattan federal court, in New York.
A representative of the federal prosecutor's office indicated that the trial could last four weeks. On December 22, Sam Bankman-Fried, who faces up to 115 years in prison, was placed on probation on $250 million bail at the California home of his parents, both teachers at Stanford Law School.
Federal prosecutors in New York charge 30-year-old Sam Bankman-Fried with embezzling billions of dollars in means of a scheme to use funds from FTX clients to pay off debts and make investments.
Sam Bankman-Fried, arrested in December at the Bahamas at the request of the American authorities and then extradited, has admitted in the past to shortcomings in the management of FTX but which, according to him, do not fall within the criminal code.
Two of his senior associates pleaded guilty last month, bolstering the prosecutors' case.