FTX’s Sam Bankman-Fried Pleads Not Guilty to Fraud and Money Laundering Charges

The post FTX’s Sam Bankman-Fried Pleads Not Guilty to Fraud and Money Laundering Charges appeared first on Coinpedia Fintech News

Sam Bankman-Fried, who used to be the CEO and co-founder of FTX, said he’s not guilty of fraud and money laundering charges in an updated case. The news report stated that the hearing happened in front of Magistrate Judge Sarah Netburn. Bankman-Fried was accused of seven counts of fraud and money laundering, and another charge related to campaign finance. He said he’s not guilty for all of them.

On August 22, Bankman-Fried appeared in a New York courthouse to face accusations of using customer funds for personal reasons and political donations. The charges of fraud and money laundering were from December, but more charges related to campaign finance were added recently.

Earlier that week, he asked the court to let him spend five weekdays outside of jail to work on his defense with his legal team. However, a federal judge in charge of his case allowed him about seven hours outside of jail to meet with his legal team.

Bankman-Fried’s lawyers said his rights under the Sixth Amendment were being violated. They explained that his detention since August 11 was making it hard for him to get ready for the trial. They added that the solutions given to them were not practical. The defense argued that without the internet, proper food, and medicine, Bankman-Fried would struggle to defend himself from the complex charges he was facing.

They also raised medical issues, “There are medical issues. My client takes Adderall… And like many people in the world, he follows a vegan diet. He had not received his Adderall at all, in the last 11 days. Notwithstanding a court order. A few Emsams, he’s fearful they will run out.”

Magistrate Judge Sarah Netburn was in charge of the hearing. She said she would look into these issues after the hearing and try to solve them by the end of the day.