FTX, which Sam Bankman-Fried defrauded investors and went bankrupt next week cryptocurrency He is expected to defend himself against accusations that he stole billions of dollars in client funds from the stock market.
Sam Bankman-Fried to appear in court on January 3
SBF, 30, is expected to appear before US District Judge Lewis Kaplan in Manhattan federal court on the afternoon of January 3, 2023, according to court filings Wednesday.
Kaplan was appointed to the case Tuesday after the first judge withdrew from the case after her husband’s law firm had counseled FTX prior to its collapse.
Prosecutors charge Bankman-Fried with years of “a colossal fraud” using client deposits to support Alameda Research hedge fund company, buy real estate and make political contributions.
Bankman-Fried has been charged with six counts of crimes, including two-time electronic fraud and money laundering and fundraiser finance violations, and could face decades in prison if convicted.
Before Bankman-Fried was arrested on December 12, he admitted to risk management mistakes at FTX but said he did not believe he had criminal responsibility.
His two partners, former Alameda CEO Caroline Ellison and former FTX chief technology officer Gary Wang, pleaded guilty for their role in FTX’s collapse and approved to cooperate with prosecutors.
Bankman-Fried was released on $250 million bail on December 22.
FTX filed for bankruptcy protection on November 11. Its new CEO, John Ray, told Congress on Dec. 13 that the stock market had lost $8 billion in client money while being run by “extremely inexperienced, laymen.”
*Not investment advice.
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