Bankman-Fried, 30, denied charges accusing him of illegally diverting massive sums of customer money from FTX to make lavish real estate purchases, donate money to politicians and make risky trades at Alameda Research, his cryptocurrency hedge fund trading firm.
After Bankman Fried pleaded not guilty, the judge discussed with lawyers a schedule for proceeding toward trial, setting April dates for defense lawyers to submit arguments challenging the validity of the charges and for prosecutors to respond to them. Oral arguments were set for May 18. Sassoon said Bankman-Fried expressed to a co-conspirator that he knew there was competition between U.S. bankruptcy authorities and foreign regulators and he wanted to get the assets to the foreign regulators in part because he thought they'd be more lenient with him and he might be able to regain control of his business.
Prior to Bankman-Fried's appearance, his lawyers sent a letter to the judge, saying Bankman-Fried's parents — both Stanford Law School professors, in recent weeks have become the target of "intense media scrutiny, harassment, and threats. They said the parents had received "a steady stream of threatening correspondence, including communications expressing a desire that they suffer physical harm.
Carolyn Ellison, 28, who ran Alameda, and Gary Wang, 29, who co-founded FTX, have pleaded guilty to fraud charges and are cooperating with prosecutors in a bid for leniency. Both are free on bail.
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