FTX’s Sam Bankman-Fried pleads not guilty to fraud charges: Report

Sam “SBF” Bankman-Fried, the former CEO and co-founder of crypto exchange FTX, has pleaded not guilty to fraud and money laundering charges levied in an updated indictment by prosecutors, according to a report. 

The latest court proceedings against SBF were heard by Magistrate Judge Sarah Netburn. The former FTX CEO was charged with seven counts of fraud and money laundering along with an additional charge of campaign finance. Bankman-Fried pleaded not guilty on all counts.

Judge Netburn: You are charged in seven counts [Count 8, campaign finance charges, is gone] How do you plead?Bankman-Fried: Not guilty.AUSA: We’d like to exclude time until the trial, October 3.Mark Cohen for SBF: We’d like to raise two topics regarding the MDC

— Inner City Press (@innercitypress) August 22, 2023

SBF’s counse also raised concerns pertaining to his medical needs, sharing that SBF takes Adderall and follows a vegan diet but has not received his medication in the last 11 days. The court proceedings also saw SBF’s lawyers request a vegan diet for their client.

The counsel also cited Sixth Amendment concerns, saying their client cannot prepare for trial, as he has been under remand since Aug. 11. The counsel noted further that they have been offered “only fictions as solutions.”

Bankman-Fried appeared in the Southern District of New York courthouse on Aug. 22, facing accusations of misusing customer funds for personal use and political donations. The fraud and money laundering charges are from December; however, prosecutors added additional campaign finance charges earlier this month.

The latest proceedings in the FTX lawsuit come after Bankman-Fried’s bail was revoked, with SBF leaving the New York courtroom in handcuffs.

Earlier in the week, Bankman-Fried requested the court grant him permission to spend five weekdays outside of detention to work with his legal team on his defense. However, a federal judge overseeing SBF’s criminal case issued an order allowing him to meet with his legal team outside of jail for roughly seven hours.

This is a developing story, and further information will be added as it becomes available.

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