Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Sam Bankman-Fried will enter a plea next week in FTX case, court filings show

Sam Bankman-Fried will enter a plea next week in FTX case, court filings show

The January 3 hearing will be Sam Bankman-Fried's opportunity to either plead guilty or to tell the court he will fight the eight charges at trial.
FTX founder Sam Bankman-Fried is expected to enter a plea at a court hearing next week, court filings show.

The arraignment hearing, scheduled for January 3, will be Bankman-Fried's opportunity to either plead guilty in the face of eight fraud and conspiracy counts against him, or to tell the court he will fight the charges at trial.

After Bankman-Fried was extradited from the Bahamas to the US last week, prosecutors announced that his two top lieutenants, Caroline Ellison and Gary Wang, pleaded guilty to fraud charges stemming from the FTX scandal and were cooperating with their investigation. Prosecutors allege that Bankman-Fried orchestrated a years-long fraud by hiding the flow of money between FTX, his currency exchange, and Alameda Research, a cryptocurrency hedge fund he controlled.

At a hearing in a federal courtroom in Manhattan last Thursday, US Magistrate Judge Gabriel W. Gorenstein released Bankman-Fried on a $250 million bail and required him to stay confined to his parents' home in Palo Alto, California, with the exception of court appointments and exercise.

The January 3 hearing was previously on the court's calendar. A docket entry on Wednesday designated it as an arraignment hearing, meaning that Bankman-Fried is now scheduled to enter his plea. He will be expected to appear in New York in person.

Another docket entry on Wednesday indicated that two additional prosecutors were joining the case: Samuel Raymond and Andrew Rohrbach. Rohrbach was also one of the prosecutors who handled the case against Jeffrey Epstein's associate Ghislaine Maxwell, who was ultimately found guilty of sex-trafficking girls and sexually abusing them herself.

On Tuesday, the criminal cases of Bankman-Fried, Ellison, and Wang were assigned to US District Judge Lewis Kaplan. Judge Ronnie Abrams, who was previously assigned to the case, recused herself because her husband "advised FTX in 2021, as well as represented parties that may be adverse to FTX and Defendant Bankman-Fried in other proceedings."
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
×