Sam Bankman-Fried Pleads Not Guilty to Latest Fraud and Conspiracy Charges
FTX founder Sam Bankman-Fried has entered a not guilty plea in Manhattan federal court in response to a new indictment that alleges charges of fraud and conspiracy.
This marks Bankman-Fried's first appearance in court since he was sent to jail following his bail revocation by U.S. District Judge Lewis Kaplan on August 11.
SBF entered his plea before the U.S. Magistrate Judge Sarah Netburn, with his mother Barbara Fried, a Stanford Law School professor, observing from the courtroom, Reuters reported.
Bankman-Fried's legal struggles have intensified as he faces accusations of tampering with witnesses and misusing customer funds.
He has been confined at Brooklyn's Metropolitan Detention Center, known for controversial conditions that public defenders have criticized as "inhumane."
While Bankman-Fried's defense team pushes for leniency in terms of access to evidence and legal preparation, Judge Kaplan has permitted the defendant to meet his lawyers at the Manhattan courthouse, affording him approximately 6.5 hours on Tuesdays with an internet-enabled laptop.
FTX founder had earlier this year pleaded not guitly to criminal charges in the FTX debacle.
The latest indictment against Bankman-Fried filed on August 14 centers on allegations that he diverted billions of dollars from FTX customers to cover losses at his hedge fund, Alameda Research, as well as to finance opulent real estate acquisitions and political contributions exceeding $100 million.
The prosecution claims that SBF’s financial actions were an attempt to influence legislation in favor of cryptocurrency.
While acknowledging risk management shortcomings at FTX, SBF has denied any wrongdoing or embezzlement of funds.
A potential legal strategy mentioned by his lawyers
Read more on cryptonews.com
