• Former FTX CEO Sam Bankman-Fried (SBF) pleaded not guilty to eight criminal charges on Jan. 3, 2023.
• The judge granted SBF’s request to keep the names of his $250 million bond signees redacted.
• SBF’s attorneys filed a motion to protect the guarantors of his bond from any risks associated with the case.
On Jan. 3, 2023, the former CEO of FTX, Sam Bankman-Fried (SBF), attended a court hearing in front of judge Lewis Kaplan and pleaded not guilty to the eight criminal charges against him. This included two counts of wire fraud and six counts of conspiracy. Outside the Manhatten courthouse, SBF’s SUV was swarmed by the press and reports say the crowd was so large „Bankman-Fried’s mother was unable to exit the vehicle.“ His bodyguard and security team then escorted the former FTX executive into the courthouse.
During the hearing, SBF’s attorneys filed a motion in order to keep the names of the two signees who signed SBF’s $250 million bond sealed. The attorneys insisted that SBF’s parents were already dealing with risks from their son’s case and the legal team wanted to make sure the bail bond’s guarantors don’t suffer the same fate. SBF’s judge Lewis Kaplan granted the defendant’s request, thus protecting the bond signees from any risks associated with the case.
The bond was interesting because the former FTX executive didn’t have to pay any money at all. His parents had to secure the bond with their house in Palo Alto and four people co-signed the bond. The deal was if SBF did not appear in court or if he broke his bail conditions, his parent’s Palo Alto home could be on the hook, and the signees could be forced to cover the bond.
The court hearing was a culmination of months of investigation into SBF and his ties to FTX. After pleading not guilty to the eight criminal charges, SBF’s case will now proceed to the next phase which will involve a trial and a potential conviction. Despite the criminal charges against him, SBF remains adamant that he is innocent and has vowed to fight the charges in court.