FTX founder Sam Bankman-Fried is returning to a Manhattan federal court to face charges of cheating investors and looting customer deposits on his cryptocurrency trading platform.
FILE - FTX founder Sam Bankman-Fried, center, is escorted to his car from the U.S. District Court in Manhattan, Thursday, Dec. 22, 2022, in New York. A judge agreed to a request by prosecutors to keep it secret that two of Bankman-Fried's executive associates had turned against him so that the cryptocurrency entrepreneur would agree not to fight extradition from the Bahamas to the United States, according to transcripts of plea deals made public Friday, Dec. 23, 2022.
He is expected to plead not guilty before Judge Lewis A. Kaplan before the judge and lawyers discuss a schedule for proceeding toward a trial. Carolyn Ellison, 28, who ran Alameda, and Gary Wang, 29, who co-founded FTX, have pleaded guilty to fraud charges and are cooperating with prosecutors in a bid for leniency. Both are free on bail.
Their pleas were kept secret until Bankman-Fried was in the air after his extradition from the Bahamas, where FTX is based, due to fears that he might flee. Bankman-Fried, 30, was released from custody on a $250 million personal recognizance bond with electronic monitoring about two weeks ago onCopyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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