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Bankman-Fried to Enter Preliminary Not Responsible Plea in FTX Fraud Case – Supply

Bankman-Fried to Enter Preliminary Not Responsible Plea in FTX Fraud Case – Supply

Bankman-Fried to Enter Preliminary Not Responsible Plea in FTX Fraud Case – Supply

By Jack Quinn

NEW YORK (Reuters) – Sam Bankman-Fried is anticipated to enter an preliminary plea of ​​not responsible on Tuesday to prison expenses that he defrauded traders and looted billions of {dollars} at his now-bankrupt FTX cryptocurrency change, a supply conversant in the matter mentioned. matter

Bankman-Fried is accused of illegally utilizing FTX buyer deposits to assist his Alameda Analysis hedge fund, purchase actual property and make hundreds of thousands of {dollars} in political contributions.

He’s scheduled to look earlier than U.S. District Decide Lewis Kaplan in Manhattan at 2 p.m. EST (1900 GMT) on Tuesday.

A lawyer for Bankman-Fried didn’t instantly reply to a request for remark.

It’s not unusual for prison defendants to initially plead not responsible. Defendants are free to amend their pleas at a later date.

Bankman-Fried has been free on $250 million bond since his extradition final month from the Bahamas, the place he lived and the place the change was positioned.

Since his launch, Bankman-Fried has been topic to digital monitoring and is required to stay together with his dad and mom, each professors at Stanford Regulation Faculty in California.

The Massachusetts Institute of Know-how graduate was charged with two counts of wire fraud and 6 counts of conspiracy, together with cash laundering and marketing campaign finance violations. He faces as much as 115 years in jail if convicted.

Bankman-Fried admitted to driving the FTX however mentioned he doesn’t consider he’s criminally accountable.

The 30-year-old crypto mogul grew to become a multi-billionaire and an influential political donor within the US as the worth of bitcoin and different digital property skyrocketed, till FTX collapsed in early November after a wave of withdrawals. The change filed for chapter on November 11.

The prosecution’s case was strengthened final month by the responsible pleas of two of Bankman-Fried’s shut associates.

Carolyn Ellison, who was Alameda’s chief government, and Gary Wang, FTX’s former chief know-how officer, pleaded responsible to seven and 4 prison expenses, respectively, and agreed to cooperate with prosecutors.

(Reporting by Jack Quinn; Further reporting by Chris Prentice; Enhancing by Nolene Walder and Daniel Wallis)



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