Sam Bankman-Fried is to enter Plea in the coming week. At the moment it is still very much unclear as to whether he will be pleading guilty to the fraud charges as his associates have all pleaded guilty to charges of fraud early this month, or whether he will go to trial instead.
Sam Bankman-Fried to Enter Plea in the Coming Week
The co-founder of FTX, a failed cryptocurrency exchange platform, Sam Bankman-Fried is expected to enter his plea on January 3 in court as per court documents. The ex-CEO is scheduled to make an appearance in court in new york city for his arraignment, where he is expected to plead guilty to the eight fraud and conspiracy charges that are against him or go to trial. Two of his associates pleaded guilty to fraud charges already and are said to be cooperating with investigators as well.
Bankman-Fried was extradited from the Bahamas in the early parts of this month as authorities of the US continue to investigate the titanic collapse of FTX. Prosecutors Bankman-Fried allegedly took the money belonging to people stored with the cryptocurrency exchange and then fraudulently sent it to and from Alameda Research which is his cryptocurrency hedge fund. Bankman-Fired in interviews with several media outlets has denied any criminal intent or wrongdoing.
Who Are the Prosecutors In The Case Of Bankman-Fried?
Samuel Raymond and Andrew Rohrbach have both been named as prosecutors in the case of Bankman-Fried, court documents cite. And among other cases, Raymond handled the seizure of a painting that was looted by Nazi forces during World War II that was then returned to its rightful owners back in Ukraine. Rohrbach was one of the several prosecutors that were leading the case against Jeffrey Epstein’s accomplice Ghislaine Maxwell, who was then sentenced to 20 years in prison.
Judge Ronnie Abrams to Step Down From the Case of Bankman-Fried
Judge Ronnie Abrams, who was originally slated to preside over the court proceedings of Bankman-Fried, has sidelined herself after noting that the law firm of her husband had advised FTX back in 2021. The case has been reassigned to New York Southern District Judge Lewis A. Kaplan, who has taken up high-profile cases involving organized crime and art fraud.
The Department Of Justice Has Recently Launched a Criminal Investigation into the Missing $370 Million
The department of justice (DOJ) separate from the Bankman-Fried case has recently launched a criminal investigation into the $370 million that supposedly went missing a couple of hours after FTX declared cryptocurrency. The investigation is set to be led by the National Cryptocurrency Enforcement Team which was launched last year by the Department of Justice in a bid to focus on cybercrime that is associated with cryptocurrency.