Sam Bankman-Fried pleaded not guilty to eight different counts of wire fraud, securities fraud, and conspiracy before a U.S. federal court. If convicted of these charges, Bankman-Fried faces up to 115 years in prison.
In this second and final arraignment hearing, Bankman-Fried was permitted to enter a plea to his charges.
Former FTX chief executive Sam Bankman-Fried arrives to enter a plea before US District Judge Lewis Kaplan in the Manhattan federal court, New York, January 3, 2023. Following a recusal of the case by Judge Ronnie Abrams ,who cited previous conflicting business relationships between FTX and her husband’s law firm, Davis & Polk, Federal Judge Lewis Kaplan presided over Tuesday’s arraignment.
FTX spent customer funds in myriad ways, including crypto trading, venture capital investments, Bahamian real estate purchases, over $1 billion in loans to FTX executives, and nearly $80 million in political contributions according to
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