, doesn't necessarily mean he'll definitely be fighting the charges and heading to a trial. It's more likely a placeholder in the early stage of the proceedings, which will give him time to get a sense of the prosecutors' case against him and if he's interested in trying to strike a potential plea deal.
Bankman-Fried is facing 8 criminal counts against him over what the US government has described as an epic fraud that led to the loss of $8 billion in FTX customer funds. The charges against Bankman-Fried — including wire fraud and conspiracy to commit money laundering —Two of his top lieutenants, Caroline Ellison and Gary Wang, have already pleaded guilty to charges stemming from the scheme and are cooperating with prosecutors.
Bankman-Fried could already be engaged in discussions with prosecutors — a process that can take time — about a potential resolution that could avert a trial, white-collar experts said. "You have to enter a plea as a matter of course, so he has to answer the charges and enter the plea," said Mark Kasten of Buchanan Ingersoll & Rooney."Just because he enters a plea of not guilty, it doesn't mean he's not working with prosecutors."
The court would ultimately decide on the length of any sentence, taking into consideration factors including the size of the scheme, and the degree to which Bankman-Fried admits guilt.