Less than a day back, FTX founder Sam Bankman-Fried was charged for bribing a Chinese official. In a new indictment, the U.S. Department of Justice alleged that he paid $40 million as a bribe. In fact, the indictment claimed that accounts belonging to Alameda Research were the target of a freezing order from Chinese police “in or around” November last year. Retrospectively, the bribe was paid to unfreeze the accounts. The latest development only adds to the piling charges against the FTX founder. According to Bloomberg News’ Annabelle Droulers,
“He’s now facing 13 criminal counts and faces more than a century behind bars if convicted.”
Also Read: FTX’s Gary Wang & Alameda CEO Caroline Ellison Plead Guilty To Criminal Charges
It is worth noting that Bankman-Fried has pleaded not guilty to several charges of fraud against him. His plea was not unexpected, as legal experts claimed that it buys the FTX founder additional time. Bankman-Fried is set to face a trial later in October this year. In fact, pleading not guilty also opens up discovery doors. Bankman-Fried and his legal team will get a better insight into what evidence prosecutors have, including any exculpatory material.
Also Read: Exploring Sam Bankman-Fried’s Curious Not Guilty Plea
Other FTX executives could also face prison time if convicted
Leaving the FTX founder, other top FTX executives have already pleaded guilty. In December last year, FTX Co-Founder, Gary Wang, and Ex-CEO of Alameda Research, Caroline Ellison, pleaded guilty in the Southern District of New York.
Ellison reportedly pleaded guilty to seven counts, and as Watcher Guru reported, she will have to serve a maximum sentence of 110 years in prison if found guilty. Wang, on the other hand, pleaded guilty to just four counts. He could reportedly face up to 50 years in prison. Furthermore, former FTX Director Nishad Singh also pleaded guilty to U.S. criminal charges against him last month.
Also Read: Former FTX Director Nishad Singh Pleads Guilty to US Criminal Charges