The former FTX boss pleaded not guilty to fraud charges in a New York City court on Tuesday. What to remember about this first hearing?
Blue suit and white shirt, it is with this outfit that the former head of FTX, Sam Bankman-Fried (SBF), appeared on Tuesday in court in New York. The latter was absent for a few hours from his parents’ California home where he is under house arrest after being released on $250 million bail.
Upon his arrival at the New York courthouse, he faced a crowd of international photographers and media, including AFP, as evidenced by this video.
Before Judge Lewis Kaplan, Sam Bankman-Fried pleaded not guilty” fraud accounts. We recall that he is currently under investigation for eight counts, including two of electronic fraud and six of criminal association, in particular for money laundering and violation of the laws on the financing of electoral campaigns.
His request, which can change over time, is not surprising, since he takes risks up to 115 years in prison should he be found guilty of these charges. This should allow him to “save time,” Bloomberg experts say. His trial is scheduled for October 2 for at least four weeks.
Arrested last month in the Bahamas, SBF was released on $250 million bail co-signed by his parents. But on Tuesday, his attorneys Christian Everdell and Mark Cohen asked the court not to reveal the identities of two other people who signed the bond, worrying about potential threats.
“Among other things, Mr. Bankman-Fried’s parents have received a steady stream of threatening correspondence, including communications expressing a desire for bodily harm,” the attorneys said in a court filing.
Judge Lewis Kaplan agreed to this request, “although he acknowledged that the media could challenge that decision,” notes the Wall Street Journal.
Also, since his release on bail, SBF is allowed to go online but cannot make purchases over $1,000 without seeking permission from a US court or setting up a company. However, specialists have revealed that some Alameda Research wallets strangely reactivated, just days after SBF was released on bail.
Furthermore, the latter would have transferred the equivalent of 684,000 dollars in crypto in recent days. Transfers that the former head of FTX denied, stating that it was “likely that various legitimate subsidiaries of FTX have the ability to access these funds”.
In this context, Representative of the Federal Attorney’s Office in Manhattan, Danielle Sassoon, has requested that SBF be barred from accessing or transferring assets relating to FTX or its affiliated entities.
“We fear that within a few days other assets will become inaccessible,” said the latter, adding that SBF had already “tweeted false statements”.
Additionally, a task force led by attorney Andrea Griswold will be responsible for investigating the collapse of FTX. In particular, it will try to “trace and recover the assets of the victims”. Sam Bankman-Fried’s trial will begin Oct. 2, allowing SBF attorneys to “review” all elements of the FTX case.
“Bankman-Fried’s attorneys have until April 3 to file a motion to dismiss the case, and federal prosecutors must respond by April 24. Bankman-Fried’s next response is expected by May 8 and two parties will have the opportunity to plead their case at the hearing on May 18 at 10 am”, he specifies CoinDesk.