FTX's Sam Bankman-Fried expected to enter plea next week

Sam Bankman-Fried is expected to enter a plea next week to criminal charges of fraud and misuse of customer funds at the FTX cryptocurrency exchange he co-founded, Reuters reported Wednesday, citing court documents. He is expected to be arraigned on Jan. 3, 2023, before U.S. District Judge Lewis Kaplan in Manhattan federal court, according to the records. Bankman-Fried was released on Dec. 22 on $250M bond and was ordered to stay at his parents' house in Palo Alto, California. The 30-year-old entrepreneur was arrested on Dec. 12 in the Bahamas after the U.S. had filed criminal charges against him. The Department of Justice charges included wire fraud, securities fraud, money laundering, and campaign finance violations. On the following day, the U.S. Securities and Exchange Commission filed charges against him alleging he defrauded investors and FTX's customers. In late November, Bankman-Fried admitted he "made a lot of mistakes, but I never tried to commit fraud."