FTX founder Sam Bankman-Fried is expected to enter a not guilty plea in US District Court in New York City court today. This could set up a very long legal battle. Bankman-Fried is facing eight charges, including wire fraud and campaign finance violations. He was granted a $250 million bail package last month. Bloomberg’s Sonali Basak reports on “Bloomberg Surveillance.”

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(3 Jan 2023)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
New York – 3 January 2022
1. Various of Sam Bankman-Fried leaving courthouse
2. SOUNDBITE (English) Larry Neumeister, Associated Press
“Sam Bankman-Fried came from Palo Alto, California, to Manhattan federal court today to plead not guilty to all the charges against him, alleging that he engaged in one of the biggest financial frauds in American history by manipulating the money in his cryptocurrency empire so that billions of dollars could be misused by a side company. Prosecutors say he misled investors and he should pay a heavy penalty. So a judge set a tentative trial date of October 2nd. We’ll see if that holds. And otherwise, we’ll see him back in court in a few months.”
3. Wide of Bankman-Fried leaving courthouse
4. SOUNDBITE (English) Larry Neumeister, Associated Press
“During the hearing, the judge agreed to a prosecutor’s request to no longer allow Sam Bankman-Fried to transfer money between his various business entities. They’re saying that at one point he allowed some of the money to be transferred to foreign entities and that he purposely was doing that, thinking they would be more lenient with him than American authorities. and his defense lawyer said, ‘no, that’s not true. Any money that got transferred was not transferred by him and that if any money was transferred, it was at the demand of these foreign entities.'”
5. Wide of scrum outside Bankman-Fried’s car
STORYLINE:
FTX founder Sam Bankman-Fried pleaded not guilty in Manhattan federal court Tuesday to charges that he cheated investors and looted customer deposits on his cryptocurrency trading platform as a judge set a tentative trial date for October.
Bankman-Fried, 30, is accused of illegally diverting massive sums of customer money from FTX to make lavish real estate purchases, donate money to politicians and make risky trades at Alameda Research, his cryptocurrency hedge fund trading firm.
Bankman-Fried’s attorney, Mark Cohen, announced his client’s plea, saying: “He pleads not guilty to all counts.”
Afterward, Judge Lewis A. Kaplan set a tentative trial date of Oct. 2, saying he might move it forward or backward a day or two.
Wearing a backpack, Bankman-Fried marched through a crush of cameras as he entered the courthouse on a rainy day to make his first appearance before Kaplan. After taking a plea during the arraignment, Kaplan discussed with lawyers a schedule for proceeding toward a trial.
Kaplan decided that motions by the defense and responses to them by prosecutors would be due in April with an argument over the motions taking place on May 18.
Prior to his appearance, his lawyers sent a letter to the judge, saying Bankman-Fried’s parents in recent weeks have become the target of “intense media scrutiny, harassment, and threats, including communications expressing a desire that they suffer physical harm.”
As a result, the lawyers requested that the names be redacted on court documents for the two individuals who were lined up to sign Bankman-Fried’s $250 million personal recognizance bond. Bankman-Fried was released with electronic monitoring about two weeks ago on the condition that he await trial at his parents’ house in Palo Alto, California.
The judge invited prosecutors to respond to the letter and said he’ll rule at a later date.
AP Video shot by: Ted Shaffrey, Robert Bumsted and Larry Neumeister
Production: Ted Shaffrey, Robert Bumsted
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FTX founder Sam Bankman-Fried pleaded not guilty to charges of defrauding customers and investors while appearing in court in New York today. Randy Zelin, a criminal defense attorney, adjunct professor for Cornell University Law School and former prosecutor, joins CBS News to discuss the case.

#ftx #sambankmanfried #crypto

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In our news wrap Tuesday, FTX crypto exchange founder Sam Bankman-Fried pleaded not guilty to cheating investors and looting deposits, political fallout in Russia continued following a Ukrainian missile strike on Saturday that killed scores of Russian troops and Beijing is warning it will retaliate against nations that require negative COVID test results for travelers from China.

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