Former FTX CEO Sam Bankman-Fried is scheduled to appear in court on January 3 to enter a plea on two counts of wire fraud and six counts of conspiracy in relation to the collapse of the FTX cryptocurrency exchange.
Bankman-Fried will appear before District Judge Lewis Kaplan in Manhattan, who was nominated by U.S. President Bill Clinton in 1994 and is known for his efficient handling of courtroom procedures.
The original judge on the case, Ronnie Abrams, recused herself due to connections between FTX and the Davis Polk & Wardwell law firm, where her husband is a partner.
Bankman-Fried has stated that he does not believe he bears criminal liability for his actions as FTX CEO, but his successor at FTX, John Ray, has been critical of Bankman-Fried’s management of the exchange and has described “an utter failure of corporate controls at every level of the organization.”
Caroline Ellison and Gary Wang, members of Bankman-Fried’s inner circle at FTX and related trading firm Alameda Research, have pleaded guilty to the charges against them and have agreed to cooperate with the prosecution.
Bankman-Fried is currently living with his parents in California on $250 million bail and has been ordered to undergo mental health and substance abuse evaluation and treatment as part of his release.
