Disgraced FTX founder Sam Bankman-Fried has pleaded not responsible to stealing billions of {dollars} of buyer cash in his first court docket look since he was launched on a report $250m pretrial bail.
Bankman-Fried, 30, entered his plea earlier than US district decide Lewis Kaplan at a court docket in Manhattan, after spending the Christmas interval below home arrest at his dad and mom’ dwelling in California.
After the collapse of his star-studded £21bn crypto empire in November, Bankman-Fried was arrested within the Bahamas, the place his now-defunct firm was primarily based.
The former billionaire has been charged by the US Securities and Exchange Commission (SEC) with fraud and violating marketing campaign finance legal guidelines.
If convicted, he might be jailed for as much as 115 years.
He can be being sued over what prosecutors say is “one of the biggest financial frauds in American history”.
It is alleged that he used FTX buyer deposits to help his Alameda Research hedge fund, purchase actual property and make thousands and thousands of {dollars} in political contributions.
Between FTX submitting for chapter and his arrest, Bankman-Fried made a number of media appearances through which he admitted errors in his operating of the crypto trade, however denied he was criminally liable.
Read extra:
The rise and fall of Sam Bankman-Fried
FTX exhibits crypto ‘too harmful’ to not regulate
Bankman-Fried’s plea comes after two of his closest associates pleaded responsible final month.
Caroline Ellison, who was Alameda’s chief govt, admitted seven prison fees final month, whereas FTX’s former chief expertise officer Gary Wang admitted 4.
Both additionally agreed to cooperate with prosecutors and settled civil instances with the SEC.
FTX’s new chief govt, John Ray, has mentioned the corporate was run by “grossly inexperienced” individuals.
Source: information.sky.com”