- Sam pleaded ‘Not Guilty’ for all eight allegations.
- Caroline Ellison and Gary Wang had already pleaded ‘Guilty’ and could now be witnesses.
- The FTX case is going at a speedy pace compared to other White Collar crimes.
Sam Bankman-Fried, pleaded ‘Not Guilty’ as expected, and US District Judge of Southern District New York, Lewis Kaplan, had ruled on a tentative date for the much anticipated week-long trial. The trial is anticipated to start in October 2023.
Former FTX CEO Sam has been accused of 8 different counts, and he pleaded ‘Not Guilty’ for all of them via his lawyer at the opening of the hearing.
SBF made his second appearance in the New York courthouse on Tuesday; during his first visit, he was released on a personal recognizance bond of $250,000, which is among the highest ever. He then went on to fly to California to live with his parents.
Prosecution expects that the majority of the investigations will be completed in the coming weeks, said Assistant US Attorney Danielle Sassoon. The government will present the already-in-hand materials in the next few weeks, including the bankruptcy documents.
Judge Kaplan also granted permission for the names of two other co-signers, in addition to his parents, to be redacted. SBF’s lawyers argued the reasons were privacy and safety concerns upon releasing the names of these co-signers.
Sassoon had asked the court to modify the conditions of SBF’s bail, requesting that he should be prohibited from accessing or transferring any assets associated with FTX or any of its affiliated entities. On behalf of the honorable court.
This step was in the wake of recent news surfacing regarding the access and transfer of several Alameda wallets.
“This money is now inaccessible for the purposes of government seizure.” – Sasson.
Although Sassoon acknowledged the argument from the defense that SBF was not involved in the said transactions, the judge ruled that Sam should not be able to access or transfer any funds related to Alameda or FTX.
Sassoon also argued that the tweet in which Sam had denied any link to these transfers might not be true as SBF has “Tweeted false statements” before.
There are speculations that his plea might change and could set a date for an October trial, where prosecutors will spill the details of his federal crimes and charges concerning campaign finance regulations.
Lawyers could utilize this time to go into the depths of this hugely important case. Federal prosecutors would have time till April 3, 2023, to file a motion to dismiss the case, with its reply expected around May 8, 2023.
Gary Wang and Caroline Ellison had already pleaded guilty so they might be important witnesses. Their statements will be very important and could prove Sam guilty. There is also the option of the case being settled outside; this will lessen the sentences and save countless hours.
There is still a weak argument of ignorance regarding the laws, etc., presented by SBF’s lawyers, but this argument is often not entertained.
Nancy J. Allen is a crypto enthusiast and 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.
Source: https://www.thecoinrepublic.com/2023/01/04/sbf-pleads-not-guilty-denies-all-8-charges/