FTX founder Sam Bankman-Fried was found not guilty in all eight criminal charges, including wired fraud and money laundering charges. The trial will begin on Oct. 2.
Fried was arrested in the Bahamas last month after the US filed an indictment accusing him of misusing billions of dollars of customers’ funds for FTX. He got the bail after spending a $250 million bond secured by his family home.
Federal prosecutors also established an FTX task Force to handle the investigation and prosecutions involving FTX and other entities, as well as to track down and recover the assets of FTX’s victims.
SBF, the 30-year-old ex-mogul, used the FTX Funds for saving Alameda Research. Prosecutors said that he also violated campaign finance contribution limits and reporting requirements by making millions of dollars in illegal political contributions funded by Alameda.
A Judge’s order blocked Bankman from accessing any crypto or other assets from FTX or Alameda. If he is found guilty, he has to stay in prison for 115 Years.
Two senior executives, the co-founder and former CTO of FTX – Gary Wang and Caroline Ellison, who worked as Alameda’s CEO, both were found guilty. They are under federal prosecutors for further investigation.
Assistant U.S. Attorney Danielle Sassoon told the judge that the October trial would last four weeks. Meanwhile, Bankman-Fried’s lawyer Mark Cohen estimated it would last two to three weeks.
