Their pleas were kept secret until Bankman-Fried was in the air after his extradition from the Bahamas, where FTX is based, due to fears that he might flee.
Bankman-Fried, 30, was released from custody on a $250 million personal recognizance bond with electronic monitoring about two weeks ago on the condition that he await trial at his parents’ house in Palo Alto, California.US Attorney Damian Williams previously revealed the government had spoken to dozens of FTX employees and had tens of thousands of pages of material, including emails, financial statements and Signal messages.
While negotiating a plea is one thing, Bankman-Fried’s overall value as cooperator is somewhat diminished by the fact he is at the top of the FTX hierarchy. “Even if Bankman-Fried wanted to cooperate,” the US Attorney’s Office for the Southern District of New York “would only agree to do so if he brought substantial value,” defense attorney Tim Howard, a former SDNY prosecutor, said. “SDNY does not like to cooperate down, and Bankman-Fried is likely at the top of their pyramid, so it’s unlikely.”
He is also facing civil action from the Securities and Exchange Commission and Commodity Futures Trading Commission. Those cases will likely be paused while the criminal case plays out.
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