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HomeBusinessWatch: FTX collapse update: Former CEO SBF pleads not guilty

Watch: FTX collapse update: Former CEO SBF pleads not guilty

On Tuesday, former CEO of the crypto exchange FTX Sam Bankman-Fried pleaded not guilty, in a Manhattan court. He is facing criminal charges that he cheated investors who had put their faith and money in the crypto exchange, which is now facing bankruptcy. Prosecutors described his fraud to be of “epic proportions.” The 30-year-old had secretly transferred billions of dollars of customers’ funds to a sister concern Alameda Research, bought millions of dollars’ worth of real estate and funded politicians belonging to both parties.

A clean shaven, suited, and booted Sam Bankman-Fried (SBF) was photographed by the media, outside the courthouse. He wore a blue suit, white shirt and dotted blue tie, unlike his earlier casual appearances. He was clean shaven and carried a backpack.

Defendant SBF entered his not guilty plea through his lawyer, in front of U.S. District Judge Lewis Kaplan in Manhattan federal court. He is facing eight criminal counts including wire fraud as well as conspiracy to commit money laundering. Many criminal defendants initially enter a not guilty plea and later change it too guilty. If convicted, SBF could face more than one hundred years in prison.  

 

SBF was placed in home custody on December 22, after posting a bond. Before his court appearance, he was living in a luxurious mansion in California that is owned by his parents who are professors at Stanford Law School. He had to wear an ankle monitor. Two people, a crypto influencer Tiffany Fong and author Michael Lewis of “Big Short” fame, visited him, when he was under house arrest.

The new CEO of FTX, John Ray described the people who worked at FTX as “grossly inexperienced” and unsophisticated. The new CEO has helped various companies who filed for bankruptcy including energy giant Enron.

Former employee Caroline Ellison, who was the former CEO of Alameda Research pleaded guilty to seven charges. Former chief technology officer of FTX Gary Wang pleaded guilty to four criminal charges. These please might help strengthen the financial fraud case against Sam Bankman-Fried.

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U.S. fraud charges are brought against a New Jersey deli company claiming a $100 million dollar valuation

 

 

 

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