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

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

Judge Netburn: You are charged in seven counts [Count 8, campaign finance charges, is gone] How do you plead?
Bankman-Fried: Not guilty.
AUSA: We'd like to exclude time until the trial, October 3.
Mark Cohen for SBF: We'd like to raise two topics regarding the MDC

— Inner City Press (@innercitypress) August 22, 2023

August 11 saw a $250 million bail rev for the 31-year-old millionaire due to witness tampering accusations. Subsequently, he was sent to Brooklyn’s Metropolitan Detention Center, where he’s been ever since. Bankman-Fried, in his sixth superseding indictment hearing since his arrest, pled not guilty to all allegations.

Accusations and Defense Strategy

The allegations against the embattled former billionaire have changed several times. Prosecutors recently dropped multiple charges that had not been agreed upon during his extradition from the Bahamas in December, according to an extradition treaty with the Caribbean nation. Bankman-Fried still faces accusations of campaign finance corruption, but this is not a separate charge in the latest indictment.

Bankman-Fried’s defense team has raised concerns about their client’s well-being in federal lockup. They reported that he has been having difficulty accessing prescription medication and maintaining a vegan diet. 

His lawyers requested accommodations for his dietary needs and access to Adderall, a drug he takes for attention-deficit/hyperactivity disorder. They also noted that the prison had not provided him with EMSAM, an antidepressant.

Defence Preparation Concerns

Bankman-Fried’s attorneys also cited Sixth Amendment rights violations, claiming their client could not properly prepare for trial due to his detention since August 11. They noted that they had only been offered fictional solutions. 

🚨NEW: Judge Kaplan has granted @SBF_FTX approval to meet with his lawyers from around 8:30AM-3:00PM tomorrow on the day of his arraignment for the superseding indictment. His lawyers are allowed to bring one internet-enabled laptop and one Wi-Fi device to the meeting. 👇🏼 pic.twitter.com/2dpAEHbaPb

— Eleanor Terrett (@EleanorTerrett) August 21, 2023

The defense argued that without internet access and proper food and medication, Bankman-Fried would struggle to defend himself against what his attorney Mark Cohen described as an especially complex set of charges.

Magistrate Judge Sarah Netburn presided over the hearing. She said she would investigate the issues raised by the defense after the hearing adjourned, to resolve them by the end of the day.

The trial for Bankman-Fried is set to begin in early October. The prosecution and defense have submitted proposed jury instructions, which provide guidelines on how the judge should explain the charges and allegations to jurors.