Tuesday, September 26, 2023
    HomeRegulationFTX Ex-CEO Denies $100M Political Influence and Fraud Charges

    FTX Ex-CEO Denies $100M Political Influence and Fraud Charges


    Former FTX CEO Sam Bankman-Fried has pleaded not responsible to new accusations that accuse him of making an attempt to affect U.S. politics by funneling $100 million in stolen money. The Southern District of New York courts accused Bankman-Fried of seven counts of fraud, cash laundering, and conspiracy on Tuesday.

    August 11 noticed a $250 million bail rev for the 31-year-old millionaire as a result of witness tampering accusations. Subsequently, he was despatched to Brooklyn’s Metropolitan Detention Heart, the place he’s been ever since. Bankman-Fried, in his sixth superseding indictment listening to since his arrest, pled not responsible to all allegations.

    Accusations and Protection Technique

    The allegations in opposition to the embattled former billionaire have modified a number of instances. Prosecutors lately dropped a number of prices that had not been agreed upon throughout his extradition from the Bahamas in December, in accordance with an extradition treaty with the Caribbean nation. Bankman-Fried nonetheless faces accusations of marketing campaign finance corruption, however this isn’t a separate cost within the newest indictment.

    Bankman-Fried’s defense group has raised issues about their shopper’s well-being in federal lockup. They reported that he has been having issue accessing prescription treatment and sustaining a vegan weight loss plan. 

    His attorneys requested lodging for his dietary wants and entry to Adderall, a drug he takes for attention-deficit/hyperactivity dysfunction. Additionally they famous that the jail had not supplied him with EMSAM, an antidepressant.

    Defence Preparation Issues

    Bankman-Fried’s attorneys additionally cited Sixth Modification rights violations, claiming their shopper couldn’t correctly put together for trial as a result of his detention since August 11. They famous that they’d solely been supplied fictional options. 

    The protection argued that with out web entry and correct meals and drugs, Bankman-Fried would battle to defend himself in opposition to what his lawyer Mark Cohen described as an particularly complicated set of prices.

    Justice of the Peace Decide Sarah Netburn presided over the listening to. She mentioned she would examine the problems raised by the protection after the listening to adjourned, to resolve them by the top of the day.

    The trial for Bankman-Fried is about to start in early October. The prosecution and protection have submitted proposed jury directions, which offer tips on how the choose ought to clarify the costs and allegations to jurors.


    Kelvin is a distinguished author specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Acknowledged for incisive evaluation and insightful content material, he has an adept command of English and excels at thorough analysis and well timed supply.

    The offered content material might embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.

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