Sam Bankman-Fried (SBF), the founder of FTX, has pleaded not guilty to seven criminal charges in a Manhattan federal court. This comes after his bond was revoked earlier this month, leading to his imprisonment. He is expected to spend the days until his trial in MDC Brooklyn, a notorious prison in New York City known for its unpleasant living conditions. SBF’s lawyer claims that his client survives on “bread and water” because the prison refuses to honor his vegan diet and medication requirements.
SBF has pleaded not guilty to fraud and conspiracy charges that allege him as the main person responsible for the collapse of FTX and the significant losses suffered by investors. While he acknowledged inadequate risk management at FTX, he denied stealing clients’ funds. The new indictment did not charge him with conspiring to violate US campaign finance laws, as the authorities in the Bahamas objected to this matter. However, American prosecutors are determined to show that he donated around $100 million to US political campaigns as part of a fraudulent scheme.
SBF has maintained his not guilty plea since January. In contrast, Caroline Ellison, former CEO of Alameda Research and SBF’s ex-lover, and Gary Wang, a former executive at FTX, admitted to having a role in the FTX meltdown and are set to testify against Bankman-Fried in the trial scheduled for October 2.
Recently, SBF was placed in MDC Brooklyn after sharing private information from Ellison’s diary, leading to concerns about potential intimidation. MDC Brooklyn is known for its poor conditions, including contaminated food and water, overflowing toilets, corruption, and violence. SBF’s lawyer claims that the prison has not honored his client’s food requirements, and as a result, he is “subsisting on bread and water.” The lawyer also alleges that the jail has failed to provide necessary medication for attention deficit hyperactive disorder and depression.
These factors could hinder SBF’s ability to prepare for his upcoming trial. If found guilty on all charges, he could face up to 115 years in prison..
#SBF #Pleads #Guilty #Complains #Lack #Vegan #Food #Prison #Report
SBF has pleaded not guilty to fraud and conspiracy charges that allege him as the main person responsible for the collapse of FTX and the significant losses suffered by investors. While he acknowledged inadequate risk management at FTX, he denied stealing clients’ funds. The new indictment did not charge him with conspiring to violate US campaign finance laws, as the authorities in the Bahamas objected to this matter. However, American prosecutors are determined to show that he donated around $100 million to US political campaigns as part of a fraudulent scheme.
SBF has maintained his not guilty plea since January. In contrast, Caroline Ellison, former CEO of Alameda Research and SBF’s ex-lover, and Gary Wang, a former executive at FTX, admitted to having a role in the FTX meltdown and are set to testify against Bankman-Fried in the trial scheduled for October 2.
Recently, SBF was placed in MDC Brooklyn after sharing private information from Ellison’s diary, leading to concerns about potential intimidation. MDC Brooklyn is known for its poor conditions, including contaminated food and water, overflowing toilets, corruption, and violence. SBF’s lawyer claims that the prison has not honored his client’s food requirements, and as a result, he is “subsisting on bread and water.” The lawyer also alleges that the jail has failed to provide necessary medication for attention deficit hyperactive disorder and depression.
These factors could hinder SBF’s ability to prepare for his upcoming trial. If found guilty on all charges, he could face up to 115 years in prison..
#SBF #Pleads #Guilty #Complains #Lack #Vegan #Food #Prison #Report
