The trial of Sam Bankman-Fried, the disgraced founder of FTX and former crypto billionaire, has begun.
Federal prosecutors accuse him of masterminding one of the most significant financial frauds in U.S. history. Bankman-Fried, once celebrated as a crypto billionaire, is alleged to have orchestrated a multibillion-dollar fraud. He faces charges related to defrauding customers on his digital currency exchange, FTX. The accusations include wire fraud, securities fraud, and money laundering.
The former CEO was arrested on December 12, 2022, in Nassau, Bahamas. After being extradited to the U.S. he pleaded not guilty to all charges on January 3, 2023. He was under house arrest at his parents home in Palo Alto, Claifornia, but in August 2023, his bond was revoked due to alleged witness tampering. Since then he’s been incarcerated at Metropolitan Detention Center in Brooklyn.
The case has been described by Damian Williams, U.S. Attorney for the Southern District of New York, as “one of the biggest financial frauds in American history.” Bankman-Fried’s trial could potentially last up to six weeks.
Tuesday, October 3
SBF is in the courtroom
Jurors are in the room and Sam Bankman-Fried confirms there are no plea discussions.
Source:
Assistant US Attorney Nick Roos: We raised the issue early if there should be plea discussions. The answer was no, so there have been no plea offers Judge Kaplan: Is that accurate, Mr. Cohen? SBF’s lawyer Cohen: Yes, your Honor. Judge Kaplan: My question are typed
A judge dismissed a motion from Bankman-Fried’s attorneys to allow him to be released from jail during the duration of his trial. By 9 a.m., court officials had admitted him into the courthouse.
