Former FTX CEO Sam Bankman-Fried has as expected pleaded not guilty to the charges against him. We now know more about the date of the trial, and the new bail conditions that govern the man.
Sam Bankman-Fried pleads not guilty
Sam Bankman-Fried’s decision is not a surprise, it was announced a few days ago. The former FTX CEO appeared in Federal District Court in New York yesterday, one of his few public appearances since his much-talked-about bail. Accompanied by his two lawyers, he pleaded not guilty before the judge in charge of the caseLewis Kaplan.
The latter has also set a provisional date for the trial of Sam Bankman-Fried, to October 2. The latter’s decision involves a long research process and a trial that should be particularly long. It is estimated that it could last at least four weeks, given the numerous documents and evidence to be examined, as well as the various charges.
Sam Bankman-Fried will have to answer on 8 counts money laundering, conspiracy to commit electronic fraud and stock market fraud in particular.
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New parole conditions
Sam Bankman-Fried was released on bail against the sum of 250 million dollars, which was paid in particular by two unknown persons. It was the largest bond ever requested in the United States. The maneuver of course raised some eyebrows, and raised fears that “SBF” was using his freedom. to continue accessing certain accounts.
This is why Judge Lewis Kaplan asked yesterday that Sam Bankman-Fried retain his provisional release only on the condition not to have access to accounts linked to FTX and Alameda Research. As a reminder, several suspicious transfers had been noticed last week on addresses linked to the latter. The ex-CEO of FTX had denied being behind these transactions.
But that wasn’t enough to appease prosecutors, including Danielle Sassoon, who reiterated her fears yesterday:
“We fear that for a few days, other assets do not become inaccessible.»
Sam Bankman-Fried will therefore remain free pending his trial in October. At the same time, we note that the Securities and Exchange Commission (SEC) as well as the Commodity Futures Trading Commission (CFTS) have also both started legal proceedings against the former CEO of FTX.
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Source: Bloomberg – Image: FTX
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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