Just-In: FTX Founder SBF Denies China Bribery Charges; Can Face 15 Years In Prison If True
On Thursday, the disgraced founder of the FTX cryptocurrency exchange, Sam Bankman-Fried, entered a not-guilty plea to new accusations leveled against him, that include conspiracy to break campaign finance rules and bribe Chinese officials. At a hearing before U.S. District Judge Lewis Kaplan in federal court in Manhattan, Bankman-Fried pleaded guilty to the new 13-count charge through his attorney, Mark Cohen.
Bankman-Fried Pleads Not Guilty
Earlier, the 31-year-old crypto mogul entered a not-guilty plea to the eight counts of fraud and conspiracy that were brought against him for allegedly stealing billions of dollars in customer assets from FTX and using them to cover losses at his hedge fund, Alameda Research. In light of the extradition of Bankman-Fried from the Bahamas, where he was detained in December and where FTX has its headquarters, Cohen said he intended to contest the additional allegations.
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The newly filed accusations add to the mounting strain that Bankman-Fried is under. If found guilty in his upcoming trial — which is scheduled to begin on October 2 — SBF could be sentenced to decades behind bars. According to U.S. laws, the penalties for bribery of a public official include a fine of up to three times the value of the bribe and imprisonment for up to 15 years in a federal penitentiary.
Prosecutors Review SBF’s Personal Devices
In addition, during the hearing on Thursday, federal prosecutors updated the court on their progress in investigating the contents of seven electronic devices belonging to Bankman-Fried. The mammoth volume of information being analyzed caused the process to move at a slower pace than anticipated, as the prosecutors explained to the judge. The investigation into the matter has resulted in the production of nearly 6 million pages of documentation thus far.
Currently, Bankman-Fried is subjected to house arrest after paying a whopping $250 million bond and stays with his parents in Palo Alto, California. SBF’s bail conditions were modified earlier this week with Judge Kaplan’s approval in order to stop the defendant from influencing witnesses related to the case.
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