Sam Bankman-Fried, former CEO and co-founder of crypto exchange FTX, has entered a not guilty plea against charges of fraud and money laundering. The court hearing on August 22, presided over by Magistrate Judge Sarah Netburn, saw Bankman-Fried facing seven counts of fraud and money laundering, as well as an additional campaign finance charge, all of which he denied.
Medical Concerns and Legal Preparations
Bankman-Fried’s legal team expressed concerns about his medical requirements, stating that he takes Adderall and follows a vegan diet, but hasn’t received his medication for 11 days. They also requested a vegan diet for him during his detainment. The defense cited issues with the Sixth Amendment, claiming that his preparation for trial is hindered by his remand since August 11.
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
Background on the Charges
Accusations against Bankman-Fried include allegations of misusing customer funds for personal purposes and political contributions. The charges of fraud and money laundering date back to December, with additional campaign finance charges added recently. Bankman-Fried’s bail was previously revoked, and he appeared in court in handcuffs.
Earlier, Bankman-Fried had sought permission to work with his legal team outside of detention for defense preparations. A federal judge granted him approximately seven hours outside of jail to collaborate with his legal team on his case.