Thursday, June 13, 2024
26 C
Brunei Town

Bankman-Fried set to enter not guilty plea in FTX fraud case

CNA – Sam Bankman-Fried is expected on Tuesday to enter a plea of not guilty to criminal charges that he cheated investors and looted billions of dollars at his now-bankrupt FTX cryptocurrency exchange, according to a source familiar with the matter.

Bankman-Fried is accused of illegally using FTX customer deposits to support his Alameda Research hedge fund, buy real estate and make millions of dollars in political contributions.

He is scheduled to appear at 2pm EST on Tuesday before the United States (US) District Judge Lewis Kaplan in Manhattan to enter a plea. A lawyer for Bankman-Fried did not immediately reply to a request for comment.

FTX founder Sam Bankman-Fried leaves court following his extradition to the US. PHOTO: AP