Sat. Jul 20th, 2024

Former bitcoin tycoon Sam Bankman-Fried denies fraud.

By b0oua Mar 26, 2024
News

Throughout the entirety of the hearing, he did not speak. On Tuesday, Sam Bankman-Fried, who was a co-founder of the cryptocurrency exchange platform FTX and had previously served as its boss, entered a plea of not guilty to the eight accusations that were brought against him.

In a federal court in New York, Sam Bankman-Fried, who was the co-founder of the cryptocurrency exchange platform FTX and had previously served as its boss, entered a plea of not guilty on Tuesday to the eight charges that were brought against him.

Extradited from the Bahamas, where FTX’s headquarters were located, “SBF” was charged with fraud and criminal conspiracy in particular. He was released upon his arrival in New York on bail of 250 million dollars. His nickname, “SBF,” was given to him around the end of December.

In the course of the hearing, the businessman and trader, who was dressed in a dark suit and tie, chose not to speak and instead allowed his attorney, Mark Cohen, to speak on his behalf.

The approach that Sam Bankman-Fried is taking is distinct from that of Gary Wang, a former executive at FTX who entered a guilty plea a month ago and is currently cooperating with the police. Caroline Ellison, a former head of FTX’s sibling platform Alameda Research, is also cooperating with the authorities.

Sam Bankman-Fried is accused of using monies deposited by customers on the FTX platform to carry out speculative financial transactions through Alameda Research. This transaction is thought to have been carried out in collaboration with other individuals.

Not only is he suspected of engaging in dangerous transactions through Alameda, but he is also suspected of investing a portion of this money in real estate in the Bahamas and of making payments to Democratic political heavyweights, including Joe Biden during his candidacy for the presidency. These donations were always made using monies from FTX clients.

The trial of the individual who was formerly credited with a fortune estimated to be worth 26 billion dollars but lost everything in the bankruptcy of FTX and Alameda has been scheduled to begin on October 2 for the purpose of being presided over by a federal judge named Lewis Kaplan.

Danielle Sassoon, a representative of the Manhattan federal prosecutor’s office, expressed her estimation that the trial would take a total of four weeks to complete, although the attorneys for the defendant said that it would take between two and three weeks. This issue was not resolved by Judge Kaplan’s decision.

A maximum sentence of twenty years in jail is associated with each of the five of the eight counts that have been brought against Sam Bankman-Fried.

Due to the fact that he is currently under house arrest with his parents in California, it is quite probable that he will spend the remainder of his life behind bars.

Since FTX filed for bankruptcy on November 11, Sam Bankman-Fried has made arguments in public on multiple occasions, claiming that he has not been in charge of Alameda Research for a considerable amount of time. In doing so, he has indirectly implicated Caroline Ellison.

An argument that is being challenged by the public prosecutor, who asserts that “SBF” continued to be the primary decision-maker within Alameda until FTX filed for bankruptcy.

As a means of providing evidence in support of its allegations, the office of Manhattan federal prosecutor Damian Williams intends to produce “hundreds of thousands of documents” within the next two weeks, according to Ms. Sassoon.

The Commodity Futures Trading Commission (CFTC), which is the regulatory body in charge of financial derivative products in the United States, thinks that the total amount of money that was stolen from FTX client accounts is eight billion dollars.

Danielle Sassoon stated once more on Tuesday that the number of people who have been harmed as a result of the crimes that are alleged to have been committed by Sam Bankman-Fried could be “more than a million.”

On November 2nd, New York (Reuters) – Sam Bankman-Fried, the founder of FTX, was found guilty on Thursday of stealing from users of his cryptocurrency exchange, which has since gone bankrupt. This was one of the largest financial scams in history, and the verdict solidified the former billionaire’s fall from grace. Bankman-Fried is 31 years old.

After a month-long trial in which prosecutors presented the case that Bankman-Fried stole $8 billion from the exchange’s users out of pure greed, a jury consisting of twelve members in Manhattan federal court found him guilty on all seven counts against him.

FTX filed for bankruptcy in a fast corporate disaster that startled financial markets and wiped his estimated $26 billion personal fortune. The verdict came just shy of one year after the company filed for bankruptcy.

The verdict was made by the jury after they deliberated for slightly more than four hours of time. During the reading of the verdict, Bankman-Fried stood in front of the jury with his hands clasped in front of him. He had previously entered a plea of not guilty to two charges of fraud and five counts of conspiracy.

A victory was achieved by the United States Department of Justice and Damian Williams, the senior federal prosecutor in Manhattan. Williams has made the elimination of corruption in the financial markets one of his primary focuses, and the conviction was a victory for both of them.

According to Williams, who was speaking to media outside of the courthouse, “The cryptocurrency industry may be new, and the players like Sam Bankman-Fried may be new, but this kind of fraud is as old as time, and we have no patience for it.”

Bankman-Fried, who was once the darling of the cryptocurrency world, joins the ranks of notable people who have been convicted of major financial crimes in the United States. He was known for his mop of unkempt curly hair and for wearing shorts and T-shirts rather than business attire. Other notable people who have been convicted of major financial crimes in the United States include said Ponzi schemer Bernie Madoff and “Wolf of Wall Street” fraudster Jordan Belfort.

The date of Bankman-Fried’s sentencing has been set for March 28, 2024, by United States District Judge Lewis Kaplan. It is possible that the graduate of the Massachusetts Institute of Technology may spend decades behind bars.

In a statement, his defense attorney, Mark Cohen, declared that he was “disappointed” but that he respected the judgment that the jury had made.

“Mr. Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him,” according to his statement.

Once Kaplan had left the courtroom, Cohen positioned himself so that his arm was around Bankman-Fried as the two of them conversed at the defense table.

Bankman-Fried turned around and nodded at his parents, the Stanford Law School professors Joseph Bankman and Barbara Fried, who were sat in the first row of the courtroom audience. This occurred as Bankman-Fried was being carried away by personnel of the United States Marshals Service. Fried appeared to be looking in his direction and crossed her arm across her chest.

In March of next year, Bankman-Fried is scheduled to face a second batch of charges that were presented against him by prosecutors earlier this year. These charges include allegations of conspiring to commit bank fraud and bribery in foreign countries.

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By b0oua

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