FTX Founder Sam Bankman-Fried Pleads ‘Not Guilty’ to DOJ Charges
Posted on 01/03/2023
In what could be one of the largest financial fraud cases in recent times, FTX founder Sam Bankman-Fried (SBF) pleaded “Not Guilty” to eight criminal charges set forth by the U.S. Department of Justice. U.S. District Judge Lewis Kaplan of the Southern District of New York ruled on a tentative date trial date for October 2, 2022. SBF’s not guilty plea today was expected. SBF stands accused on eight different counts including wire fraud, money laundering, and campaign finance violations. At the moment, billions of dollars from investors and customers are missing.
The DOJ, U.S. Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC) have all accused SBF’s empire of operating as a fraud practically from the starting line. SBF was able to lure investors such as public pension funds like the Ontario Teachers’ Pension Plan and sovereign wealth giants like Temasek Holdings to invest in FTX.
In addition, Judge Lewis Kaplan granted SBF’s application to seal the names of the additional co-signers who, in addition to his parents, guaranteed his US$ 250 million bail bond package. SBF requested this to protect them from public scrutiny and potential harassment.
SBF was arrested in the Bahamas in December 2022 before being extradited to the U.S.