Skip to main content

FTX Co-Founder Faces ‘No-Nonsense’ Judge Next Week, Report Says SBF ‘Expected to Enter a Plea’ in Fraud Case

FTX Co-Founder Faces ‘No-Nonsense’ Judge Next Week, Report Says SBF 'Expected to Enter a Plea' in Fraud Case

According to court documents, Sam Bankman-Fried (SBF) is set to be arraigned by the federal court in the Southern District of New York (SDNY) on Jan. 3, 2023. The disgraced FTX co-founder plans to enter a plea in his fraud case in front of U.S. judge Lewis Kaplan in Manhattan, according to a report published by Reuters.

Report Claims FTX Co-Founder Sam Bankman-Fried ‘Expected to Enter a Plea Next Week,’ Criminal Defense Attorney Says Feds Have a Case With ‘Very Few Holes’

Just recently, the judge that was presiding over Sam Bankman-Fried’s (SBF) fraud case, judge Ronnie Abrams, withdrew from the case citing a conflict of interest. It seems Abrams husband, Greg Andres, was reportedly an FTX adviser last year. Andres is a partner at the white-shoe, international law firm headquartered in New York City, Davis Polk & Wardwell. Following Abrams’s withdrawal from SBF’s case, the judge has been replaced by judge Lewis Kaplan.

The 78-year-old Kaplan has been called a “no-nonsense” judge who has presided over a number of high-profile cases involving individuals like the ​​45th president of the United States, Donald Trump, and Prince Andrew, Duke of York. On Dec. 28, 2022, Reuters reported that when SBF faces judge Kaplan, the FTX co-founder is expected to submit a plea during his arraignment.

“Sam Bankman-Fried is expected to enter a plea next week to criminal charges,” Reuters contributor Jonathan Stempel wrote on Wednesday. Court documents show that SBF is scheduled to see judge Kaplan on Jan. 3, 2023, in Manhattan’s federal court.

The news follows the recent unsealed testimony from Caroline Ellison, the ex-CEO of Alameda Research. Ellison is currently working with federal law enforcement officials, and in her testimony she described a number of fraudulent acts she says she participated in since 2019.

Moreover, a number of people do not believe the court will go easy on SBF. On Dec. 22, criminal defense attorney, Brian Wice, discussed the situation with Yahoo Finance Live and he told the host, Rachelle Akuffo, that the U.S. attorney in SDNY, Damian Williams, has a case with “very few holes.”

Wice remarked that the feds wouldn’t go forward unless “they are convinced that they can make their case beyond a reasonable doubt.” As far as Ellison and FTX co-founder Gary Wang are concerned, Wice said they didn’t have “ironclad plea deals,” but stressed the duo will “get substantial reductions in their sentences if they come in and they testify truthfully.”

As far as SBF is concerned, Wice remarked that he’s got a “tough road to hoe” ahead of him. “The more cooperators against him, the tougher it will be,” Wice told Akuffo. “And right now Damian Williams sent up the bat signal saying if you’ve got any guilty knowledge or involvement in this case, you better come in now or it’s only going to get worse,” the criminal defense attorney added.

In addition to the SDNY case against SBF, a class action lawsuit filed by FTX customers wants the remaining digital assets tied to Alameda and FTX “earmarked solely for customers.”

The plaintiffs from the class action lawsuit detail that FTX’s loans to Alameda Research, as described by ex-CEO Caroline Ellison, were “in direct violation of FTX’s own customer agreements and terms of service, as well as common law and basic principles of honesty and fair dealing.” SBF was released on a $250 million bond on Thursday, Dec. 22, 2022, and the former FTX CEO was not asked to enter a plea.

What do you think about SBF heading to court to face judge Kaplan on Jan. 3, 2023? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/kHd2RYo
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more