Disgraced crypto executive Sam Bankman-Fried is likely to plead not guilty to an eight-count fraud and conspiracy indictment when he appears in Manhattan federal court Tuesday, a person familiar with the matter told ABC News.
January 3, 2023, 5:57 AMFTX founder Sam Bankman-Fried leaves Manhattan Federal Court after his arraignment and bail hearings on Dec. 22, 2022, in New York.
Federal prosecutors have alleged Bankman-Fried orchestrated one of the “biggest financial frauds in American history” by steering billions in FTX customer and investor money and funneling it to his privately controlled hedge fund Alameda Research. Other funds were used to buy lavish real estate and to make tens of millions in political donations, court records said.
FTX founder Sam Bankman-Fried leaves Manhattan Federal Court after his arraignment and bail hearings on Dec. 22, 2022, in New York.Before his arrest last month, Bankman-Fried insisted in numerous interviews, including one with ABC News, that he did not know about any improper use of funds from customers of now-bankrupt crypto exchange FTX.Bankman-Fried has been free on bond and subject to electronic monitoring while living at his parents’ home in Palo Alto, California.
Two of his former colleagues, Caroline Ellison and Gary Wang, have pleaded guilty and agreed to cooperate with prosecutors“We prepared certain quarterly balance sheets that concealed the extent of Alameda's borrowing and the billions of dollars in loans that Alameda had made to FTX executives and to related parties.
Ellison, former chief of Alameda and apex girlfriend of SBF, leaded guilty to seven counts. Wang, cofounder of FYX with Bankman-Fried, pleaded guilty to to four counts.
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