Bankman-Fried may enter plea in NY federal court next week before Judge Lewis Kaplan
Former FTX CEO Sam Bankman-Fried is scheduled to appear in court on the afternoon of Jan. 3 to enter a plea on two counts of wire fraud and six counts of conspiracy against him in relation to the collapse of the FTX cryptocurrency exchange, Reuters reported Dec. 28 citing court records. Bankman-Fried will appear before District Judge Lewis Kaplan in Manhattan.
Judge Kaplan was assigned to the case on Dec. 27 after the original judge on the case, Ronnie Abrams, recused herself due to connections between FTX and the Davis Polk & Wardwell law firm, where her husband is a partner. The firm provided advisory services to FTX in 2021.
Kaplan was nominated by U.S. President Bill Clinton in 1994 and is known for his straightforward manner and efficient handling of courtroom procedures.
Bankman-Fried stated numerous times before his arrest that he does not believe he bears criminal liability for his actions as FTX CEO, characterizing. John Ray, Bankman-Fried’s successor at FTX, told a hearing of the United States House of Representatives Financial Services Committee, “I don’t find any such statements to be credible.”
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Ray has been brutal in his assessment of Bankman-Fried’s management of the crypto exchange he cofounded. Ray said in written testimony ahead of the House hearing:
Bankman-Fried is currently living with his parents in California on $250-million bail, part of which is made up of the equity from his parent’s house. There were several other conditions on Bankman-Fried’s release, including mental health and substance abuse evaluation and treatment.
For those of you asking, the watch Sam Trabucco wears is a Rolex Datejust with a jubilee bracelet and a diamond dial.
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