FTX founder Sam Bankman-Fried likely to enter plea deal: report

Sam Bankman-Fried is expected to enter a plea deal next week to fraud charges connected to the collapse of the Bahamas-based cryptocurrency exchange he founded, FTX.com, Reuters reported early Thursday morning, Hong Kong time.

See related article: Crypto addresses linked to Alameda Research have moved over US$100,000

Advertisement

Fast facts

  • Bankman-Fried is expected to appear back in the Manhattan federal court on Jan. 3, 2023. He will face U.S. District Judge Lewis Kaplan, who took over the case on Tuesday after the original judge recused herself due to her husband’s law firm advising FTX before it collapsed, according to Reuters.
  • Prosecutors have accused the 30-year-old entrepreneur of conducting a years-long fraud, using customer deposits to fund his crypto trading firm Alameda Research, buy extravagant real estate and make political contributions.
  • Two of Bankman-Fried’s associates, former Alameda chief executive officer Caroline Ellison and former FTX chief technology officer and cofounder Gary Wang, have been cooperating with prosecutors after pleading guilty to charges related to the alleged fraud scheme.
  • According to Ellison, FTX executives, including former CEO Bankman-Fried, deliberately misled lenders and customers about the funds Alameda was borrowing from now-bankrupt FTX.
  • Bankman-Fried has been ordered to stay at his parents’ home in California following his release on a US$250 million bail deal on Dec. 22, which has been called the “largest ever pretrial bond.”
citynews

Recent Posts

Breaking: FIRS Announces Fresh Recruitment, See Eligibility Criteria, Application Deadline

The Federal Inland Revenue Service (FIRS) has begun its recruitment exercise for experienced professionals to…

3 hours ago

Primate Ayodele’s Prophecies For 2025

Primate Elijah Ayodele Unveils 94-Page Prophecy for 2025, Makes Striking Predictions About Nigeria’s Political and…

6 hours ago

Tinubu’s Aide Condemns Plan To Reinstall ‘Jesus Is Not God’ Banner In Lekki Mosque

The Senior Special Assistant to President Bola Tinubu on Community Engagement (North Central), Abiodun Essiet,…

8 hours ago

President Tinubu’s reforms not responsible for food stampedes – FG

The Minister of Information and National Orientation, Mohammed Idris, has warned politicians against linking stampedes…

8 hours ago

I will be more influential in Nigeria than UK – Tobi Adegboyega

Tobi Adegboyega, founder of the Salvation Proclaimers Anointed Church (SPAC Nation), has stated that he…

8 hours ago

Petrol To Sell ₦‎935/Litre From Today – IPMAN

The Independent Petroleum Marketers Association of Nigeria has said that petrol is going to sell…

9 hours ago