Sam Bankman-Fried Pleads Not Guilty in FTX Fraud Case: Latest Updates

Sam Bankman-Fried, the former CEO and co-founder of crypto exchange FTX, has pleaded not guilty to fraud and money laundering charges levied in a closely watched case. NEW YORK (AP) – FTX founder Sam Bankman-Fried pleaded not guilty in Manhattan federal court Tuesday to charges that he cheated investors and looted customer funds.

The plea was entered on Tuesday to criminal charges that he cheated investors in his now-bankrupt FTX cryptocurrency exchange, causing billions of dollars in losses. Sam “SBF” Bankman-Fried appeared before U.S. Federal prosecutors who have alleged Bankman-Fried orchestrated one of the “biggest financial frauds in American history” by steering billions of dollars of FTX customer deposits to fund his other firm, Alameda Research, buy property and make investments.

This follows a former corporate lawyer at two large U.S. law firms pleading guilty on Wednesday to charges stemming from his failure to pay federal income taxes, a case unrelated but occurring amidst the FTX fallout. Sam Bankman-Fried pleaded not guilty in a US court to claims that he took customer deposits at FTX to fund his other firm, Alameda Research, buy property and make political donations.