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Sam Bankman-Fried pleads not guilty to defrauding customers

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Sam Bankman-Fried, the founder of the bankrupt crypto exchange FTX, has pleaded not guilty to criminal charges after he allegedly defrauded his customers.

Thirty-year-old Bankman-Fried was indicted last month on charges of wire fraud and conspiracy-related charges.

Bankman-Fried is currently out on a $250 million bond. He was arraigned in federal court on Tuesday, where he was joined by his mother and his attorneys. A trial date has been scheduled for Oct. 2.

He is accused of stealing customer funds from FTX and funneling the money to Alameda Research, FTX’s affiliated crypto hedge fund, as well as donating it to politicians. FTX filed for bankruptcy in November.

Multiple FTX executives have already pled guilty to criminal charges for their alleged role in the scheme. 

After being arrested in the Bahamas and extradited back to the U.S., Bankman-Fried was granted bail and ordered to stay under house arrest in his parents’ home in Palot Alto, California. He has also been ordered to wear a monitoring device and his passport was confiscated.

If convicted on all charges, Bankman-Fried could face up to 115 years in prison.

ARTICLE: PAUL MURDOCH

MANAGING EDITOR: CARSON CHOATE

PHOTO CREDITS: RAPPLER.COM

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Paul Murdoch

Paul, 37, is from Scotland in the UK, but currently lives and works in Bangkok. Paul has worked in different industries such as telemarketing, retail, hospitality, farming, insurance, and teaching, where he works now. He teaches at an all-girls High School in Bangkok. “It’s a lot of work, but I love my job.” Paul has an active interest in politics. His reason for writing for FBA is to offer people the facts and allow them to make up their own minds. Whilst he believes opinion columns have their place, it is also important that people can have accurate news with no bias.

Paul, 37, is from Scotland in the UK, but currently lives and works in Bangkok. Paul has worked in different industries such as telemarketing, retail, hospitality, farming, insurance, and teaching, where he works now. He teaches at an all-girls High School in Bangkok. “It’s a lot of work, but I love my job.” Paul has an active interest in politics. His reason for writing for FBA is to offer people the facts and allow them to make up their own minds. Whilst he believes opinion columns have their place, it is also important that people can have accurate news with no bias.

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