Sam Bankman-Fried is expected on Tuesday to enter a plea of not guilty to criminal charges that he cheated investors and looted billions of dollars at his now-bankrupt FTX cryptocurrency exchange, according to a source familiar with the matter.
Bankman-Fried is accused of illegally using FTX customer deposits to support his Alameda Research hedge fund, buy real estate and make millions of dollars in political contributions.
Bankman-Fried has been free on $250 million bond following his extradition last month from the Bahamas, where he lived and where the exchange was based. The Massachusetts Institute of Technology graduate has been charged with two counts of wire fraud and six conspiracy counts, including to launder money and commit campaign finance violations. He could face up toBankman-Fried has admitted to making mistakes running FTX but said he did not believe he was criminally liable.
The prosecution case was strengthened by last month's guilty pleas of two of Bankman-Fried's closest associates.
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