In his first appearance on US soil since his arrest in the Bahamas, Bankman-Fried was granted a $250 million bail package, secured by his parents’ Palo Alto home, which is worth nowhere near that amount. Furthermore, Sam Bankman-Fried pleads not guilty.
Sam Bankman-Fried, the creator of FTX, has entered a not guilty plea to the accusations against him and will go on trial in October.
After hearing from US prosecutors that they intend to present the whole of their evidence in the case over the course of the following month, US District Judge Lewis Kaplan set the besmirched crypto monarch’s trial date for October 2nd during his appearance on Tuesday in US District Court in New York, according to Bloomberg.
While the plea was not unexpected, it buys the 30-year-old more time, legal experts say. Bankman-Fried will get a better idea on the evidence prosecutors have against him and plan his next move. The plea puts the case on track for a lengthy trial, which could last at least four weeks.
-Bloomberg
Bankman-Fried emerged from a black SUV into a crowd of photographers and TV crews Tuesday, ahead of a 2 pm hearing scheduled in New York. In December, US prosecutors in Manhattan revealed eight criminal counts against him, including wire fraud and campaign finance violations.
Prosecutors have charged the 30-year-old of stealing billions of dollars in client funds from FTX and scamming investors and lenders to his trading arm, Alameda Research. He is also accused of making millions of dollars in illegal campaign contributions paid for by Alameda.
SBF has previously stated that he did not ‘intend’ to conduct Fraud, but has admitted to making errors.
According to Bloomberg, FTX founder Sam Bankman-Fried has requested a judge to suppress the identities of two individuals who would help post his bond, in addition to his parents’ home in Palo Alto, California.
SBF’s attorneys wrote in a letter submitted on Tuesday asking for the identities of the two individuals who plan to sign as sureties to his bail to be redacted: “If the two remaining sureties are publicly identified, they will likely be subjected to probing media scrutiny, and potentially targeted for harassment, despite having no substantive connection to the case.”
“Consequently, the privacy and safety of the sureties are “countervailing factors” that significantly outweigh the presumption of public access to the very limited information at issue,” the letter continues.
Bankman-Fried was born in 1992 on the Stanford University campus to a Jewish household. He is the son of Stanford Law School professors Barbara Fried and Joseph Bankman. Let’s see just who Sam Bankman Fried is.
In his first appearance on US soil since his arrest in the Bahamas, Bankman-Fried was granted a $250 million bail package, secured by his parents’ Palo Alto home, which is worth nowhere near that amount. The judge in the case also required that at least two people of “considerable means,” one of whom cannot be a relative, co-sign the bond.
Bankman-Fried was granted a $250 million bail package in December, one of the largest in US history. The personal recognizance bond approved by the judge was secured by the equity in Bankman-Fried’s parents home in Palo Alto, California, which is almost certainly not worth anywhere near that amount. But outsized bonds are more a means of establishing harsh financial consequences for bail-jumping and are often backed by assets worth only around 10% of the stated amount.
-Bloomberg
The letter states that although the two have not yet signed the bond, they plan to do so by the deadline of January 5.
According to CNN, Bankman-Fried is scheduled to appear in a Manhattan federal court on Tuesday to plead to eight felony charges, including conspiracy to commit money laundering and wire fraud as well as conspiracy to misuse customer funds. He is anticipated to enter a not guilty plea.
If convicted of all charges, he would serve 115 years.
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So in SBF’s pathetic Grandiose Narcissism, he claims that his errors are what: his hedonistic lifestyle of group sex orgies, prostitutes, drugs and gambling?