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: Tinubu govt drops treason charges against EndBadGovernance protesters

  The Federal High Court in Abuja has dismissed the treason charges brought against the…

54 mins ago

#USRoadToWhiteHouse2024: Trump-Harris polls remain tied in battleground states…

What to know about the end of the #USElection2024 campaign The most recent polling analysis…

59 mins ago

#USElection2024 Live Updates: Trump Vs Harris…Latest Results…Latest Polls

#US election 2024 Live Updates:  What you need to know about USelection2024 latest polls •…

1 hour ago

Prince Harry and Meghan Markle pursue separate projects

A royal commentator suggests that Prince Harry and Meghan Markle are taking separate paths in…

3 hours ago

#USElection2024: Trump, Harris close campaign in swing states on eve of deadlocked election

PHILADELPHIA/GRAND RAPIDS, Michigan (Reuters) -Donald Trump and Kamala Harris both predicted victory as they campaigned…

3 hours ago

‘He’s With Us’, EFCC Confirms Ex-Gov Okowa’s Arrest Over N1.3trn Diversion

The Economic and Financial Crimes Commission (EFCC) arrested Ifeanyi Okowa, the immediate past governor of…

4 hours ago