Former FOX CEO Sam Bankman-Fried faces 115 years in prison
2023.01.09 15:35
Former FOX CEO Sam Bankman-Fried faces 115 years in prison
By Tiffany Smith
Budrigannews.com – Sam Bankman-Fried, the former CEO of FTX, has pleaded not guilty to all of the charges he faces, including those for wire fraud, securities fraud, and violating campaign finance laws. The entrepreneur is charged with eight different crimes, each of which carries a potential maximum sentence of 115 years in prison.
In the meantime, it is rumored that Daniel Friedberg, a controversial lawyer who was the top compliance chief at FTX, has provided prosecutors with information regarding SBF’s use of customer funds to finance his illegal business plan.
The FTX Task Force was established by the United States Attorney’s Office for the Southern District of New York to “trace and recover” funds that have gone missing from customers and to handle investigations and prosecutions regarding the collapse of the exchange. Senior prosecutors from its transnational crime enterprise, money laundering, securities and commodities fraud, and public corruption units make up the team.
According to reports, the Departure of Justice is seizing approximately $468 million worth of 56 million Robinhood shares in connection with FTX and its former CEO. The report comes a day after a judge in SBF’s criminal case instructed him not to access or transfer any assets or cryptocurrency from FTX or Alameda Research.
In the FTX court drama, former FTX engineering director Nishad Singh is also a new character. Along with Caroline Ellison, Bankman-Fried, and Gary Wang, he was said to be a member of the “wire fraud” chat group that allegedly discussed the illegal financial ties between FTX and Alameda. Singh lived in the Bahamas with other FTX employees while he worked there.
The cryptocurrency exchange Binance has received a “limited objection” from the Securities and Exchange Commission (SEC) of the United States. citing a lack of “necessary information,” the US proposed taking over Voyager Digital, a failing crypto lender, for $1 billion.
More Robinhood shares arrested-U. S. Department of Justice
Additionally, the regulator requests that Voyager provide additional information regarding what would occur if the transaction is not completed by April 18. The objection was interpreted by some commentators as the SEC recommending Binance. Without “some untoward dealing,” such as receiving funds from Binance’s global entity, the US would be unable to afford the acquisition.
