It is not unusual for criminal defendants to initially plead not guilty. Defendants are free to change their plea at a later date.
The Massachusetts Institute of Technology graduate has been charged with two counts of wire fraud and six counts of conspiracy, including to launder money and commit campaign finance violations. He could face up to 115 years in prison if convicted. Mr Bankman-Fried’s net worth, once estimated at $26 billion, was largely wiped out when the exchange collapsed. He later said that he had $100,000 in his bank account.
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