Embattled cryptocurrency entrepreneur Sam Bankman-Fried arrived in Lower Manhattan Thursday where he pleaded not guilty to new criminal charges in Federal Court.
The 31-year-old alleged fraudster appeared disheveled and fearful as he fought his way through a sea of media cameras outside of 500 Pearl Street on March 30 as his security detail attempted to bat away reporters from every angle.
Although Bankman-Fried remained silent inside and outside the courtroom, his attorney Mark Cohen revealed during proceedings that the FTX CEO is pleading not guilty in response to five new federal charges that had been further added over the last several months relating to his now-bankrupt company that folded last November.
Bankman-Fried—who is currently under house arrest while he awaits trial—is already accused of stealing billions of dollars from FTX customers while also misleading investors. However, a third unsealed indictment alleges he masterminded a $40 million bribe to Chinese government officials using cryptocurrency. Bankman-Fried has previously pleaded not guilty to eight other charges, including money laundering, bank fraud, unlawful political contributions and more.
Prosecutors are alleging that the failed trading platform founder looked to have Alameda Research, his hedge fund, accounts unfrozen by China through the alleged bribe, according to the indictment. If convicted of the alleged crimes, Bankman-Fried could face up to 150 years in prison for 13 federal counts—the newest of which being conspiracy to violate the Foreign Corrupt Practices Act.
The Disgraced CEO was in court for less than an hour before he was again rushed by awaiting photographers pining to get a glimpse of the accused fraudster. His company, FTX—which was founded in 2019–was reportedly making billions until its eventual collapse last year.
Bankman-Fried is being held on a $250 million bond. His trial is scheduled for October.
