Sam Bankman-Fried Refutes $100M Allegations of Fraud
New accusations intensify Sam Bankman-Fried's legal struggle. The defendant pleads not guilty to allegations of $100 million and political influence.
Former FTX CEO Sam Bankman-Fried pled not guilty to new charges that accuse him of funneling $100 million in stolen currency to influence U.S. politics. Tuesday, the courts of the Southern District of New York charged Bankman-Fried with seven counts of fraud, money laundering, and conspiracy.
Judge Netburn: You are charged in seven counts [Count 8, campaign finance charges, is gone] How do you plead?
— Inner City Press (@innercitypress) August 22, 2023
Bankman-Fried: Not guilty.
AUSA: We'd like to exclude time until the trial, October 3.
Mark Cohen for SBF: We'd like to raise two topics regarding the MDC
Due to allegations of witness tampering, the 31-year-old millionaire's bail was increased to $250 million on August 11. Subsequently, he was transferred to the Metropolitan Detention Center in Brooklyn, where he has remained ever since. In his sixth superseding indictment hearing since his detention, Bankman-Fried pleaded not guilty to all charges.
Charges and Defensive Method
Several times, the allegations against the once-billionaire-turned-criminal have changed. According to an extradition treaty with the Caribbean nation, prosecutors have recently withdrawn multiple charges not agreed upon during his December extradition from the Bahamas. There are still allegations of campaign finance corruption against Bankman-Fried, but this is not a separate offense in the most recent indictment.
The defense team for Bankman-Fried has expressed concern for their client's well-being in federal custody. They reported that he had had trouble obtaining prescription medications and adhering to a vegan diet.
His attorneys requested dietary accommodations and access to the attention-deficit/hyperactivity disorder medication Adderall. They also observed that the prison had not given him the antidepressant EMSAM.
Defense Planning Concerns For Sam Bankman-Fried
In addition to citing Sixth Amendment violations, Bankman-Fried's attorneys asserted that their client could not adequately prepare for trial due to his confinement since August 11. They noted that only fictional solutions had been provided.
🚨NEW: Judge Kaplan has granted @SBF_FTX approval to meet with his lawyers from around 8:30AM-3:00PM tomorrow on the day of his arraignment for the superseding indictment. His lawyers are allowed to bring one internet-enabled laptop and one Wi-Fi device to the meeting. 👇🏼 pic.twitter.com/2dpAEHbaPb
— Eleanor Terrett (@EleanorTerrett) August 21, 2023
The defense argued that Bankman-Fried would struggle to defend himself against what his attorney, Mark Cohen, characterized as a particularly complex set of charges if he needed access to the internet and adequate food and medication.
Sarah Netburn, magistrate judge, presided over the hearing. She stated that she would investigate the defense's concerns following the adjournment of the hearing and resolve them by the end of the day.
Bankman-Fried's trial is scheduled to commence in early October. The prosecution and the defense have submitted proposed jury instructions outlining how the judge should explain the charges and allegations to the jury.
