Disgraced FTX Founder Sam Bankman-Fried Pleads Not Guilty To Fraud | Tech News

Disgraced FTX founder Sam Bankman-Fried pleads not responsible to stealing billions in consumer funds in first court docket look since being launched on report $250M bail plead responsible.

Bankman-Fried, 30, pleaded U.S. District Choose Lewis Kaplan in a Manhattan court docket after spending Christmas Under house arrest at his parents’ home in California.

Rear The collapse of his star-studded £21bn cryptocurrency empire November, Bankman-Fried Arrested in the Bahamasthe house of his now-defunct firm.

former billionaire Charged Indicted by the U.S. Securities and Trade Fee (SEC) for fraud and violations of marketing campaign finance legal guidelines.

If convicted, he might have been jailed for as much as 115 years.

He was additionally indicted for what prosecutors mentioned “One of the largest financial frauds in U.S. history”.

He allegedly used FTX consumer deposits to again his Alameda Analysis hedge fund, purchase actual property and obtain thousands and thousands of {dollars} in political donations.

Within the interval between FTX’s chapter submitting and his arrest, Bankman-Fried appeared within the media a number of occasions, admitting to creating errors whereas working the cryptocurrency trade however denying legal accountability.

learn extra:
The Rise and Fall of Sam Bankman-Fried
fTX shows cryptocurrencies are ‘too dangerous’ to regulate

Bankman-Fried made the plea after two of Bankman-Fried’s closest associates pleaded responsible final month.

Alameda’s CEO Caroline Ellison pleaded responsible to seven legal costs final month, whereas FTX’s former CTO Gary Wang pleaded responsible to 4.

The events additionally agreed to cooperate with prosecutors and resolve civil instances with the SEC.

FTX’s new chief government, John Ray, has mentioned the corporate is run by “very inexperienced folks.”