Sam Bankman-Fried Expected to Enter Plea on January 3rd
Sam Bankman-Fried is expected to enter a plea with US prosecutors on January 3rd Reuters reported today. This news comes after SBF's ex-girlfriend Caroline Ellison, the CEO of Alameda Research during the collapse, plead guilty to fraud charges and turned on her ex-boyfriend.
District Judge Lewis Kaplan will oversee the hearing in Manhattan federal court next week.
Last week, SBF was released from federal custody with a collateral bond agreement, which was set at a record $250 million. Although, this sky-high figure was likely a publicity stunt, given only his parent's home among other small contributions which were put up for collateral.
Earlier this month, SBF was charged with six counts of conspiracy and two counts of wire fraud.
As previously reported, if convicted, he could face a few years in prison all the way to life in prison on the highest end. Although, it will likely be a lighter sentence given this expected plea deal.