Almost two weeks after he was launched by a Manhattan decide on a $250 million bond and ordered to stick with his dad and mom in Palo Alto, Calif., Sam Bankman-Fried, the disgraced cryptocurrency government, returned to New York and pleaded not responsible on Tuesday to fees that he engaged in widespread fraud and different crimes.
Mr. Bankman-Fried, 30, appeared in Federal District Court docket, the place he faces a trial on fees that his fraud led to the collapse of FTX, the cryptocurrency alternate he based, and billions of {dollars} in buyer losses.
Mr. Bankman-Fried was arrested on Dec. 12 at his luxurious house within the Bahamas, the place FTX was based mostly till its chapter in November. After Mr. Bankman-Fried was extradited the next week to america, he appeared in court docket on Dec. 22, the place he was granted bail beneath extremely restrictive circumstances.
An eight-count indictment fees him with a multiyear scheme that defrauded clients and lenders, and that he additionally conspired to violate federal marketing campaign finance legal guidelines. Prosecutors have accused him of misappropriating billions in buyer funds for different makes use of, like shopping for actual property within the Bahamas, buying and selling cryptocurrencies, investing in different crypto firms and making tens of hundreds of thousands of {dollars} in marketing campaign donations.
It is a growing information story and shall be up to date.
Liset Cruz contributed reporting.
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