Sam Bankman-Fried, the founder and former head of bankrupt crypto exchange FTX, is about to plead not guilty to criminal charges against him for defrauding investors and embezzling billions of dollars, Reuters reported, citing its own sources.
Bankman-Fried is accused of illegally using client funds on FTX deposits to support his own Alameda Research hedge fund, buy real estate and finance political projects. On January 3, he must appear in court in Manhattan at 14:00 local time (22:00 Moscow time) to answer the charges against him. It is not uncommon for defendants to declare their innocence at the beginning of a case, but later change their position in the case.
Bankman-Fried was charged with eight counts of fraud, conspiracy to commit fraud, and political finance violations by the US Attorney’s Office for the Southern District of New York. The US Securities and Exchange Commission (SEC) accused the businessman of defrauding investors. In total, he faces up to 115 years in prison. The former head of FTX admitted that he made mistakes in managing the platform, but refused to consider himself guilty of criminal acts. At the same time, two top managers of FTX and Alameda have already pleaded guilty and began to cooperate with the investigation. Bankman-Fried was extradited from the Bahamas to the United States and released on a record $250 million bail.
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