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- 1 Sam Bankman Fried was charged with seven counts of fraud and money laundering, including campaign finance charges.
- 2 The defending attorney of Sam Bankman- Fried revealed during the hearing that his client’s medical needs aren’t fulfilled.
Samuel Benjamin Bankman Fried “SBF,” the founder and former Chief Executive of now bankrupt centralized cryptocurrency exchange FTX has pleaded not guilty over fraud and money laundering charges.
Magistrate Judge Sarah Netburn heard the recent court proceeding against the former FTX CEO. As per court filings, Sam Bankman Fried was charged with seven counts of fraud and money laundering, including campaign finance charges. During the trial, SBF pleaded not guilty on all counts of allegations.
A Twitter handle of Inner City Press first revealed the information about the trial.
The defending attorney of Sam Bankman- Fried revealed during the hearing that his client’s medical needs aren’t fulfilled. He also informed the Judge that SBF follows a vegan diet but hasn’t received his medication for the past 11 days in prison. The court proceeding also examined Sam’s lawyer’s plea for his client’s vegan diet.
During the session, Samuel’s attorney referred to amendment sixth, noting that his client could not prepare for trial as he was under remand since August 11, 2023. Per the attorney’s statement, they only offered fiction as a solution.
On Tuesday, August 22, Sam registered his appearance in the Southern District of New York courthouse over the accusation of misusing customer funds for his personal welfare and political funding. The fraud and money laundering charges were filed in December 2022, but campaign finance charges were imposed on Sam earlier this month.
After the recent hearing, Sam’s bail petition was rejected, and he left the court premise in handcuffs. As per relevant information, in the third week of August, Sam filed his request in court to spend five weeks outside the detention to work with his legal team to defend himself closely.
It is important to note that a federal judge examined the request of Sam’s and allowed him to spend approximately seven hours with his team outside the jail premise.
Major Update in FTX Lawsuit
As per recent information from TheCoinRepublic, After Sam Bankman-Fried was extradited to the United States, the Department of Justice amended charges against him. And a district judge ordered a second trial.
Sam Bankman-Fried, a co-founder of FTX, is now being prosecuted on two different criminal counts. He is prosecuted for allegedly mismanaging the cryptocurrency exchange. A total of 13 allegations involving fraud, fraud conspiracy, and bribery are being brought against Bankman-Fried. On October 2, a trial for all charges was slated to start.
Judge Lewis A. Kaplan set up two trials after the prosecution stated that the newest accusations would only be pursued if the Bahamas government, where Mr. Bankman-Fried was initially detained, approved of them.
In a decision issued on June 15 by United States District Court Judge Lewis Kaplan, five charges will now be divided into a second trial scheduled for March 11, 2024. Initially facing eight accusations, SBF was extradited to the United States in December 2022. Subsequent indictments added five more charges in February and March 2023.
The charge division occurs as DOJ prosecutors ask the Bahamian government for permission to try Bankman-Fried. They asked permission to try him on the five extra charges they brought against him following his extradition from the island. The co-founder of FTX‘s solicitors tried to get those accusations dropped by arguing that he could not be punished for crimes committed after his extradition.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
