{"id":27119,"date":"2023-01-05T07:45:42","date_gmt":"2023-01-05T07:45:42","guid":{"rendered":"https:\/\/www.africa-press.net\/gambia\/uncategorized\/sam-bankman-fried-pleads-not-guilty-to-fraud"},"modified":"2023-01-05T10:27:52","modified_gmt":"2023-01-05T10:27:52","slug":"sam-bankman-fried-pleads-not-guilty-to-fraud","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/gambia\/all-news\/sam-bankman-fried-pleads-not-guilty-to-fraud","title":{"rendered":"Sam Bankman-Fried pleads not guilty to fraud"},"content":{"rendered":"

Africa-Press – Gambia. <\/strong><\/span>The former boss of collapsed cryptocurrency exchange FTX has officially denied charges that he defrauded customers and investors.<\/b><\/p>\n

Sam Bankman-Fried pleaded not guilty in a US court to claims that he took customer deposits at FTX to fund his other firm, Alameda Research, buy property and make political donations.<\/p>\n

He was released after his arrest last month on a $250m (\u00a3208m) bail package.<\/p>\n

But he faces more than 100 years in prison if convicted.<\/p>\n

Judge Lewis Kaplan set a trial date of 2 October.<\/p>\n

Two of Mr Bankman-Fried’s closest colleagues have pleaded guilty already and are cooperating with the investigation, which has shaken the entire cryptocurrency industry.<\/p>\n

In interviews before his arrest, the 30-year-old former billionaire admitted failings but put the problems down to his own “mistakes”.<\/p>\n

It is not unusual for defendants to change their pleas as the legal proceedings unfold.<\/p>\n

Mr Bankman-Fried, who founded FTX in 2019, was one of the most high-profile figures in the cryptocurrency industry, known for his political ties, celebrity endorsements and bailouts of other struggling firms.<\/p>\n

But in November, a wave of customer withdrawals sparked by reports of shaky finances forced FTX to declare bankruptcy and reveal billions of dollars worth of missing funds.<\/p>\n

In a press conference last month, federal prosecutors said the meltdown at the platform, which allowed customers to buy and sell digital tokens, stemmed from “intentional fraud”.<\/p>\n

Prosecutors accused Mr Bankman-Fried of misappropriating FTX customer funds to pay debts at his other company, Alameda, and to make other investments.<\/p>\n

They announced eight criminal charges, including wire fraud, money laundering and campaign finance violations. Financial regulators also brought claims against Mr Bankman-Fried.<\/p>\n

Mr Bankman-Fried was arrested in December in the Bahamas, where he lived and FTX was based.<\/p>\n

He was extradited to the US, where he was freed on a $250m bail package. His bail conditions required that he wear an electronic monitoring bracelet and remain largely confined to the California home of his parents, law professors at Stanford University.<\/p>\n

His parents co-signed the bond, guaranteeing the money if Mr Bankman-Fried fails to appear in court.<\/p>\n

In court filings on Tuesday, attorneys asked to keep the identities of the other backers secret, saying Sam Bankman-Fried’s parents had been receiving threats. Judge Kaplan granted that request.<\/p>\n

For More News And Analysis About Gambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Gambia. The former boss of collapsed cryptocurrency exchange FTX has officially denied charges that he defrauded customers and investors. Sam Bankman-Fried pleaded not guilty in a US court to claims that he took customer deposits at FTX to fund his other firm, Alameda Research, buy property and make political donations. He was released […]<\/p>\n","protected":false},"author":84,"featured_media":27118,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[2355,2361,260],"class_list":["post-27119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-gambia","tag-gambia"],"yoast_head":"\nSam Bankman-Fried pleads not guilty to fraud - Gambia<\/title>\n<meta name=\"description\" content=\"The former boss of collapsed cryptocurrency exchange FTX has officially denied charges that he defrauded customers an ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/gambia\/all-news\/sam-bankman-fried-pleads-not-guilty-to-fraud\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sam Bankman-Fried pleads not guilty to fraud\" \/>\n<meta property=\"og:description\" content=\"The former boss of collapsed cryptocurrency exchange FTX has officially denied charges that he defrauded customers an ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/gambia\/all-news\/sam-bankman-fried-pleads-not-guilty-to-fraud\" \/>\n<meta property=\"og:site_name\" content=\"Gambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-05T07:45:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-05T10:27:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2023\/01\/postQueueImg_1672892177.25.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"976\" \/>\n\t<meta property=\"og:image:height\" content=\"549\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/sam-bankman-fried-pleads-not-guilty-to-fraud#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/sam-bankman-fried-pleads-not-guilty-to-fraud\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Sam Bankman-Fried pleads not guilty to fraud\",\"datePublished\":\"2023-01-05T07:45:42+00:00\",\"dateModified\":\"2023-01-05T10:27:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/sam-bankman-fried-pleads-not-guilty-to-fraud\"},\"wordCount\":393,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/sam-bankman-fried-pleads-not-guilty-to-fraud#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2023\/01\/postQueueImg_1672892177.25.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Gambia\",\"Gambia\"],\"articleSection\":[\"all news\",\"miscellaneous\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/gambia\/all-news\/sam-bankman-fried-pleads-not-guilty-to-fraud#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/sam-bankman-fried-pleads-not-guilty-to-fraud\",\"url\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/sam-bankman-fried-pleads-not-guilty-to-fraud\",\"name\":\"Sam Bankman-Fried pleads not guilty to fraud - 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