Sam Bankman-Fried is expected to plead not guilty to defrauding FTX investors, r...
source link: https://finance.yahoo.com/news/sam-bankman-fried-expected-plead-111632782.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
Sam Bankman-Fried is expected to plead not guilty to defrauding FTX investors, reports say
Sam Bankman-Fried is likely to plead not guilty, per The Wall Street Journal and Reuters.
He faces multiple criminal charges including wire fraud and conspiracy to commit money laundering.
Bankman-Fried's former associate Caroline Ellison has pleaded guilty to similar charges.
Sam Bankman-Fried is likely to plead not guilty to charges that he defrauded investors and looted billions of dollars from collapsed cryptocurrency exchange FTX, sources told the The Wall Street Journal and Reuters.
The former CEO is due to appear in court in New York City on Tuesday afternoon to enter a plea.
He's facing multiple criminal charges including wire fraud, conspiracy to commit money laundering, and conspiracy to violate campaign financing laws.
If convicted, Bankman-Fried could face up to 115 years in prison, per Reuters.
Prosecutors allege that he "orchestrated a years-long fraud" to conceal diversion of funds from FTX to Alameda Research, a hedge fund he also controlled. He also used these funds to buy real estate and make political donations worth tens of millions of dollars.
They also allege that Bankman-Fried's criminal conduct contributed to the cryptocurrency exchange's collapse in November, which left many investors unable to access their funds.
He's admitted to making mistakes at FTX, but maintains that he doesn't consider himself to be criminally liable.
Sam Bankman-Fried was arrested on December 12 in the Bahamas at the request of the US government. His indictment was unsealed the next day and he was extradited to New York.
He was later released on a $250 million bond. He's been required to surrender his passport and stay at his parents home in California, wearing an ankle monitor, in advance of his court appearance.
It is not unusual for criminal defendants to initially plead not guilty and defendants can later change their plea, Reuters reported.
However, a not guilty plea would put him at odds with his former associates.
Former Alameda Research CEO Caroline Ellison and FTX cofounder Gary Wang both pleaded guilty to criminal charges similar to those Bankman-Fried faces. They are cooperating with prosecutors.
A spokesperson for Bankman-Fried did not immediately respond to Insider's request for comment, sent outside of normal working hours.
Read the original article on Business Insider
ReutersIndia proposes self-regulatory bodies for online gaming companies
NEW DELHI (Reuters) -India has proposed a body for the online gaming industry to regulate itself as concerns rise over the addictiveness of games and as patchy state laws disrupt business, in draft amendments to its information technology rules published on Monday. U.S. investment firms Tiger Global and Sequoia Capital have in recent years backed Indian startups Dream11 and Mobile Premier League, popular for its fantasy cricket. Gaming companies would require government approval to register a self-regulation body, which would include a member nominated by the government - having background in public policy, public administration, law enforcement or public finance - and a member from the field of psychology, medicine or consumer education.
15h ago
Asheville Citizen-TimesAsheville water restoration updates: How to get water if you don't have service
The latest update on the Asheville water outage that began on Dec. 24.
1d ago
Simply Wall St.Is Stabilus S.A.'s (ETR:STM) Recent Stock Performance Influenced By Its Fundamentals In Any Way?
Stabilus (ETR:STM) has had a great run on the share market with its stock up by a significant 34% over the last three...
17h ago
TheStreet.comFTX Collapse: Bankman-Fried May Plead Not Guilty
Sam Bankman-Fried will start 2023 as he ended 2022: in court. The regulators filed a series of criminal and civil charges against Bankman-Fried, whom they accuse of alleged fraud, on December 13. Justice Department prosecutors filed eight criminal counts against the former trader.
15h ago
The TelegraphMan accused of Idaho murders allegedly stalked students for weeks
The criminology student arrested on suspicion of murdering four people in Idaho allegedly stalked the victims “for weeks” before they were killed and allegedly wore gloves in a supermarket long afterwards, according to reports.
1d ago
The IndependentHorrifying moment woman pushes three-year-old onto train tracks
Brianna Lace Workman was arrested and charged
13h ago
Associated PressTransgender woman's scheduled execution would be US first
Unless Missouri Gov. Mike Parson grants clemency, Amber McLaughlin, 49, will become the first transgender woman executed in the U.S. She is scheduled to die by injection Tuesday for killing a former girlfriend in 2003. McLaughlin’s attorney, Larry Komp, said there are no court appeals pending. The clemency request focuses on several issues, including McLaughlin’s traumatic childhood and mental health issues, which the jury never heard in her trial.
12h ago
Fox NewsNYC millionaire pharma executive convicted of killing autistic son found dead after Supreme Court revokes bail
New York City pharmaceutical executive Gigi Jordan, convicted of killing her 8-year-old autistic son, was found dead after Supreme Court Justice Sonia Sotomayor revoked bail.
14h ago
Investor's Business DailyStock Market Holidays 2023: When Does Wall Street Reopen After New Year's?
Take a look at this list of stock market holidays in 2023 to find out whether the market will be open on days like Labor Day, Black Friday, Christmas Eve and more.
12h ago
Miami HeraldA Florida lawyer pleaded guilty to 34 counts of child porn charges. He got probation
A Tampa attorney who was sentenced to eight years of sex offender probation and no prison time after pleading guilty to 34 counts of child pornography charges still will not “acknowledge the wrongful nature of his conduct,” a Florida judge said.
1d ago
CBS News1 officer killed, 1 wounded in Pennsylvania shooting
The suspect was killed in a shootout with police after initially fleeing in a carjacked vehicle, sources told CBS Pittsburgh.
3h ago
Argus LeaderNoem goes against board, victims’ families and review process to reduce prison sentences
Four convicts served less than a year on drug crimes; three committed manslaughter
5h ago
ReutersAt least 14 dead in armed attack on prison in Mexican border city Juarez
Mexican authorities said on Sunday at least 14 people died in an armed attack at a prison in the northern border city Juarez and two more died during a later armed aggression elsewhere in the city. The Chihuahua state prosecutor said in a statement that among those who died in the prison attack were 10 security personnel and four inmates, while another 13 were hurt and at least 24 escaped. The prosecutor said initial investigations found the attackers arrived at around 7 a.m. local time at the prison in armored vehicles and opened fire.
1d ago
The IndependentMoment Oregon woman allegedly pushes three-year-old onto railway tracks
Moment Oregon woman allegedly pushes three-year-old onto railway tracksSource: Multnomah County District Attorney’s Office
13h ago
CBS NewsColorado man with nearly 6,000 fentanyl pills sentenced to 40 years
The 27-year-old sold some of the fentanyl to undercover officers last year.
14h ago
The Daily BeastAndrew Tate’s Neighbors Knew Something Odd Was Afoot at His Compound: Report
INQUAM PHOTOS/Octav Ganea via ReutersThere were signs of strangeness at Andrew Tate’s Romanian compound well before the the “king of toxic masculinity” was charged with rape and human trafficking late last month.According to neighbors who spoke with British newspaper The Times, for months young men have been arriving en masse at the property, telling locals they were there to attend a so-called “Hustler University” apparently run by Tate. It isn’t clear what actually took place during the classe
34m ago
The IndependentVoices: The Idaho murders case is getting murkier, but patience is of the essence
The more details emerge, the more I have to remind myself to be wary of tunnel vision
5h ago
GOBankingRatesHow Much is Alexandria Ocasio-Cortez Worth?
Rep. Alexandria Ocasio-Cortez, also known as AOC, made history when she became the youngest woman ever elected to Congress. Here's a look at her finances.
11h ago
Reuters VideosFour dead as two helicopters collide in Australia
STORY: Two helicopters collided mid-air on Australia's Gold Coast on Monday (January 2) leaving at least four people dead. Three others were taken to the hospital in a critical condition. The crash took place close to Sea World Resort Australia.Police said one of the helicopters managed to land safely on a sandbank, but the other crashed. Gary Worrell is Queensland Police Acting Inspector: “Our initial inquiries it would appear that one has been taking off and one has been landing. At this stage, it’s my understanding that with the seven people that are injured are from just one helicopter, and all the others are still injured. But, obviously, further inquiries are being conducted.”The Australian Transport Safety Bureau has launched an investigation into the accident.
14h ago
The IndependentA Pocono mountain raid and months of questions: How police finally made an arrest in the Idaho murders
For nearly seven weeks police gave little information on what they knew about the murders of Ethan Chapin, Madison Mogen, Xana Kernodle, and Kaylee Goncalves, writes Io Dodds
13h ago
</div
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK