FTX’s Bankman-Fried Arrives at New York Courthouse Ahead of Expected Not Guilty Plea
A clean-shaven Bankman-Fried entered the court wearing a blue suit, white shirt and dotted blue tie while carrying a backpack at around 12:40 p.m. EST (1740 GMT). He is scheduled to be arraigned at 2 p.m. EST before U.S. District Judge Lewis Kaplan.
A person familiar with the matter told Reuters last week that Bankman-Fried would plead not guilty. A lawyer for Bankman-Fried did not reply to a request for comment.
It is not unusual for criminal defendants to initially plead not guilty. Defendants are free to change their plea at a later date.
The Massachusetts Institute of Technology graduate could face up to 115 years in prison if convicted.
Bankman-Fried rode a boom in the value of bitcoin and other digital assets to build a net worth of an estimated $26 billion and become an influential political donor in the United States.
But FTX collapsed in early November after a wave of withdrawals and declared bankruptcy on Nov. 11, wiping out Bankman-Fried’s fortune.
He later said he had $100,000 in his bank account.
Source: Reuters
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