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HomeCryptoCurrencySam Bankman Fried Trial: Key Facts, Charges, and Possible Penalties

Sam Bankman Fried Trial: Key Facts, Charges, and Possible Penalties

Long-Awaited Trial of Sam Bankman Fried: Key Facts and Charges

Long-Awaited Trial of Sam Bankman Fried: Key Facts and Charges

With the long-awaited trial of Sam Bankman Freed, founder of former CEO of FTX, set To get started today, here’s everything key The facts are for you need to know.

The long-awaited trial of Sam Bankman Fried, former CEO of Bankrupt FTX exchange, it is set to begin today. On Tuesday, October 3, the trial will officially begin with Jury selection In federal court in Lower Manhattan (Daniel Patrick Moynihan Courthouse at 500 Pearl Street).

Thus, it is 31-year-He’s old final chance to share for him side of the storylike a lot of for him former colleagues And the partners they have already He pleaded guilty to several charges of Fraud and money laundering.

Arguably so was the FTX case one of The biggest scandals in Encryption world And even one of largest cases of financial scam in we history. So, this is a historic trial beginsLet’s take a quick look at key Facts, charges and possible penalties for SBF.

What are the charges? against Sam Bankman Fried?

SBF faces seven charges in This trial on Different accounts of Fraud and money laundering. These fees include:

  • Two charges of ‘Electronic fraud’.
  • Two charges of “Conspiracy to commit wire fraud.”
  • One number of “Conspiracy to commit money laundering.”

everyone of These five drawings have it maximum sentence of 20 years (for each number) and the minimum sentence of up up to 6 months)for each number).

there also:

  • One number of “Conspiracy to commit securities fraud.”
  • One number of “Conspiracy to commit commodity fraud.”

both of them of These fees have maximum sentence of 5 years. Bankman-Fried pleads not guilty to all of These seven counts.

What is the prosecutor’s case?

United State prosecutors behavior arrest of Bankman Fried back on December 12 in Bahamas. the prosecutors in The case will argue that SBF intentionally lied to investors about the relationship between Alameda Research and FTX. The prosecutor’s case is based on These three key facts:

  • SBF allegedly provided Alameda with Unlimited line of Credit from FTX.
  • When Alameda failed To repay their loans last year acquired client funds from FTX.
  • The SBF allegedly ordered his top aides to hide and falsify a file information For auditors and create a fake financial Formulations.

According to a Bloomberg report, Attorney General plans to call 50 witnesses, ranging from former employees, investors, forensic accountants and FBI agents.

However, the government situation will depend highly on three key witnesses:

  • Nishad Singh – former engineering director In FTX
  • Gary Wang – former CTO at FTX
  • Caroline Ellison – former CEO of Alameda Research.

everyone of These three members have previously pleaded guilty to various charges of campaign Financial abuses, wire fraud, commodity fraud, securities fraud, and money laundering.

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Adrian Ovalle
Adrian Ovalle
Adrian is working as the Editor at World Weekly News. He tries to provide our readers with the fastest news from all around the world before anywhere else.

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