FTX Founder Sam Bankman-Fried to be Trailed on October 2nd for ‘Epic’ Fraud

It is reported on January 3rd that Sam Bankman-Fried plead not guilty on charges of fraud regarding the bankrupted crypto exchange FTX. Prosecutors said that it is a “epic” fraud case. In Manhattan federal court, Sam faced with 8 criminal charges, including wire fraud and money laundry conspiracy. Sam was accused of embezzling FTX customer’s deposits for his Alameda Research hedge fund, purchasing real-estates and donating millions for political purposes. Federal prosecutor Danielle Sassoon said at the hearing that “customer funds were also used and laundered through political donations, charitable donations and a variety of venture investments.” Sassoon said that the government has corroborated evidence to rebuttal Sam’s plea of innocence, and the prosecutor will release documents from the plaintiff in the coming weeks. U.S. District Judge Lewis Kapla decided the trail day on October 2nd, 2023, which could last four weeks. At the moment, the government secured two former top Bankman-Fried’s associates’ plea of guilty, namely former FTX chief technology officer Gary Wang and former Alameda chief executive Caroline Ellison. Gary and Caroline are cooperating with the prosecutors and could testify at trail. If Sam is guilty of charge, he could face sentence in prison up to 115 years. Sassoon state that Bankman-Fried attempted to move assets to a “looser” country, which is yet to be disclosed. On Tuesday, Kapla raised a new bail condition, requiring Sam to put his hands off FTX and Alameda assets.