The fallen FTX CEO’s legal team have argued that while Sam Bankman-Fried (SBF) entered a not-guilty plea, he didn’t acknowledge the new charges, which include bribing a Chinese government official.
Lawyers for SBF have entered a not-guilty plea for five additional charges since his December 2022 arraignment, including allegations of bribery.
SBF pleaded not guilty in United States District Court for the Southern District of New York to four charges added as part of a superseding indictment in February, and one charge added on 28th March 2023 related to the former CEO allegedly bribing a Chinese government official. Other charges include those for wire fraud and securities fraud during his time at the helm of FTX.
Mark Cohen, the attorney representing SBF in the criminal case, argued that although SBF had entered a not guilty plea, there was no acknowledgement that the court had the authority to bring the charges against him.
The latest charge alleged that SBF was involved in transferring “at least approximately $40 million in cryptocurrency intended for the benefit of one or more Chinese government officials” intended to facilitate transactions tied to Alameda Research.
SBF has been free on bail since being turned over to U.S. custody from the Bahamas in December, mainly restricted to staying at his parents’ California home. Recently his bail conditions were amended to prohibit the use of any smartphone with internet access. Meanwhile, Bankruptcy proceedings for FTX are underway in the District of Delaware.