23 April 2024

Sam Bankman-Fried Set to Testify at His Fraud Trial

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

The lawyer, Mark Cohen, confirmed Mr. Bankman-Fried’s plans to take the witness stand 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, may testify as quickly as Thursday, after federal prosecutors are scheduled to name their closing witness within the morning after which relaxation their case.

“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 prospects of FTX. Prosecutors say that the cryptocurrency mogul then used the cash to finance political contributions, actual property purchases and different lavish spending.

Mr. Bankman-Fried has pleaded not responsible to seven expenses 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 referred to as a procession of Mr. Bankman-Fried’s shut pals and colleagues, who’ve testified that the FTX founder lied to prospects, buyers and lenders in regards to the alternate’s use of buyer cash as he constructed his enterprise empire.

It is a growing information story. Keep tuned for updates.