FTX founder Sam Bankman-Fried faces arraignment in Manhattan federal court

–>
–>

–>

–>
–>
  • ALSO READ

    Sam Bankman-Fried: ‘Crypto genius' who lost $14.5 billion in a single day

    Former FTX CEO Sam Bankman-Fried to testify before US House committee

    Associates of FTX founder Bankman-Fried plead guilty to criminal charges

    Former FTX CEO Bankman-Fried says will testify to Congress over its fall

    Former FTX CEO Sam Bankman-Fried to fly to US today, escorted by FBI agents



–>

–>

FTX founder Sam Bankman-Fried will be arraigned in a Manhattan federal court on Tuesday on charges that he cheated investors and looted customer deposits on his crypto-currency trading platform.

Bankman-Fried, 30, was accused of illegally diverting massive sums of customer from FTX to make lavish real estate purchases, donate money to politicians and make risky trades at Alameda Research, his cryptocurrency hedge fund trading firm.

He is expected to plead not guilty before Judge Lewis A. Kaplan before the judge and lawyers discuss a schedule for proceeding toward a trial.

Carolyn Ellison, 28, who ran Alameda, and Gary Wang, 29, who co-founded FTX, have pleaded guilty to fraud charges and are cooperating with prosecutors in a bid for leniency. Both are free on bail.

Their pleas were kept secret until Bankman-Fried was in the air after his extradition from the Bahamas, where FTX is based, due to fears that he might flee.

Bankman-Fried, 30, was released from custody on a USD 250 million personal recognizance bond with electronic monitoring about two weeks ago on the condition that he await trial at his parents' house in Palo Alto, California.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the is auto-generated from a syndicated feed.)

FTX founder Sam Bankman-Fried will be arraigned in a Manhattan federal court on Tuesday on charges that he cheated investors and looted customer deposits on his crypto-currency trading platform.

Bankman-Fried, 30, was accused of illegally diverting massive sums of customer money from FTX to make lavish real estate purchases, donate money to politicians and make risky trades at Alameda Research, his cryptocurrency hedge fund trading firm.

He is expected to plead not guilty before Judge Lewis A. Kaplan before the judge and lawyers discuss a schedule for proceeding toward a trial.

Carolyn Ellison, 28, who ran Alameda, and Gary Wang, 29, who co-founded FTX, have pleaded guilty to fraud charges and are cooperating with prosecutors in a bid for leniency. Both are free on bail.

Their pleas were kept secret until Bankman-Fried was in the air after his extradition from the Bahamas, where FTX is based, due to fears that he might flee.

Bankman-Fried, 30, was released from custody on a USD 250 million personal recognizance bond with electronic monitoring about two weeks ago on the condition that he await trial at his parents' house in Palo Alto, California.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Print Friendly, PDF & Email
No tags for this post.

Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *