Technology

Sam Bankman-Fried Set to Testify at His Fraud Trial

25SBF TESTIFY blvt facebookJumbo

Sam Bankman-Fried, the founding father of the failed cryptocurrency change FTX, is planning to testify at his legal fraud trial in Manhattan, his lawyer stated on Wednesday.

The lawyer, Mark Cohen, confirmed Mr. Bankman-Fried’s plans at a listening to with prosecutors and the decide overseeing the case, which was held on the final day of a virtually weeklong break within the trial. Mr. Bankman-Fried, 31, is more likely to start testifying on Thursday, after federal prosecutors name their closing witness within the morning.

“Our shopper goes to be testifying,” Mr. Cohen stated on the listening to.

Mr. Bankman-Fried is charged with orchestrating a sweeping scheme to steal as a lot as $10 billion in deposits from clients of FTX. Prosecutors say that the cryptocurrency mogul funneled the cash into political contributions, actual property purchases and different lavish spending.

Mr. Bankman-Fried has pleaded not responsible to seven costs of fraud, conspiracy and cash laundering. If convicted, he may face what quantities to a life sentence.

Over the primary three weeks of the trial, prosecutors have known as a procession of Mr. Bankman-Fried’s shut associates and colleagues, who’ve testified that the FTX founder lied to clients, buyers and lenders concerning the change’s use of buyer cash.

On the listening to on Wednesday, Mr. Cohen stated the protection was planning to name three witnesses along with Mr. Bankman-Fried. One is Joseph Pimbley, a monetary companies guide, who is predicted to testify abut the funds of FTX and Alameda Analysis, the crypto buying and selling agency that borrowed billions of {dollars} from FTX clients. Mr. Bankman-Fried based Alameda earlier than he began FTX.

Mr. Cohen can also be planning to name a Bahamian lawyer who was concerned in Mr. Bankman-Fried’s case, in addition to an knowledgeable on the preservation of company information.

Mr. Bankman-Fried is predicted to testify after these witnesses.

Weeks after FTX imploded in November, Mr. Bankman-Fried was arrested at his penthouse residence within the Bahamas, the place the change was based mostly. He was then extradited to the US and positioned below home arrest at his dad and mom’ dwelling in Northern California. In August, his bail was revoked after a decide dominated that he had tried to intimidate witnesses.

In the course of the trial, Mr. Bankman-Fried has spent his nights on the Metropolitan Detention Middle in Brooklyn, the place his attorneys say he has had solely intermittent entry to the pc information he wants to arrange for trial. In August, the attorneys stated Mr. Bankman-Fried, who’s vegan, was subsisting on a food regimen of bread, water and peanut butter.

Mr. Bankman-Fried has appeared in courtroom every single day of the trial, which started this month, sporting a swimsuit bought from a reduction rack at Macy’s. His dad and mom, the Stanford regulation professors Joe Bankman and Barbara Fried, have watched from the gallery, alongside different highly effective authorized figures, together with Damian Williams, the highest federal prosecutor in Manhattan.