Financial Crime: Sam Bankman-Fried pleads not guilty in multi-billion dollar FTX fraud case

by | Jan 3, 2023 | Stock Market

Sam Bankman-Fried pleaded not guilty Tuesday to charges he looted billions of dollars in customer deposits to his bankrupt crypto currency exchange FTX.   Bankman-Fried, 30, has been under house arrest in his parents’ California home on a $250 million bond. He was extradited to the United States from the Bahamas in late December to face charges he plundered customer accounts to use for risky hedge fund bets, a lavish lifestyle and millions in political donations.

Before his arrest last month, Bankman-Fried had said publicly that he never intended to defraud anyone. Earlier on Tuesday, the one-time crypto wunderkind revealed that his parents  have been bombarded with threats since his arrest. He sought to have the identities of two co-sponsors of his massive bond remain anonymous, according to a court filing. “Mr. Bankman-Fried’s parents have received a steady stream of threatening correspondence, including communications expressing a desire that they suffer physical harm,” read the filing from Bankman-Fried’s lawyer. “There is serious cause for concern that the two additional sureties would face similar intrusions on their privacy as well as threats and harassment if t …

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