NEW YORK: Lawyers for FTX founder Sam Bankman-Fried kicked off their case at his fraud trial on Thursday (Oct 26) following 12 days of prosecution testimony in which former colleagues at the now-bankrupt cryptocurrency exchange said he directed them to divert customer funds to his hedge fund and lie to investors...
FTX founder Sam Bankman-Fried attends as FBI agent Marc Troiano testifies as Bankman-Fried faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, at federal court in New York City, on Oct 26, 2023 in this courtroom sketch.
FBI agent Marc Troiano testifies during a trial as FTX founder Sam Bankman-Fried faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, at federal court in New York City, on Oct 26, 2023 in this courtroom sketch.
Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy. If convicted, Bankman-Fried could face decades in prison. Prosecutors have said Bankman-Fried used the misappropriated funds to prop up his crypto-focused hedge fund, Alameda Research, make speculative venture investments, and donate more than US$100 million to US political campaigns.
Cohen said in a Wednesday letter to Kaplan that Bankman-Fried's"knowledge that lawyers were involved in structuring and documenting the loans would be probative of his good-faith belief that there was nothing inappropriate". Bankman-Fried has maintained that while he made mistakes running FTX, he never intended to steal funds. His lawyers have said three of his former colleagues, who have pleaded guilty and agreed to cooperate with prosecutors, tailored their testimony to implicate Bankman-Fried in the hopes of receiving lenient sentences.
The final prosecution witness, FBI agent Marc Troiano, testified about Bankman-Fried's use of the encrpyted messaging application Signal when the trial resumed on Thursday morning in federal court in Manhattan after a week-long break.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sam Bankman-Fried will testify at criminal trial, lawyer saysNEW YORK : FTX cryptocurrency exchange founder Sam Bankman-Fried plans to testify in his own defense at his criminal fraud trial, defense lawyer Mark Cohen said during a telephone hearing on Wednesday.
Read more »
Sam Bankman-Fried might risk testifying in criminal trial, experts saySam Bankman-Fried has little to lose by bucking conventional wisdom and taking the stand at his criminal fraud trial, following weeks of testimony that he stole billions of dollars from unwitting customers of his FTX cryptocurrency exchange.
Read more »
Bankman-Fried to testify in fraud trial after ex-colleagues turned on himNEW YORK: Sam Bankman-Fried plans to testify in his own defence at his criminal fraud trial, after his closest associates blamed the former billionaire for the collapse last November of his now
Read more »
'Rocking the SG lepak style': Fan spots Sam Smith at Orchard Road in singlet and shortsWhen in Rome, do as the Romans do. British pop star Sam Smith took the adage to heart when they were spotted walking down Orchard Road wearing a truly local outfit. A video uploaded by TikTok user Skyler26remy yesterday (Oct 25) shows Sam, 31, in a black singlet and black shorts — the polar opposite of their concert outfits which...
Read more »
Commentary: The United States is more normal and less exceptional than you thinkAmerica sees vital interests in every corner of the globe - but it acts otherwise in practice, says the Lowy Institute’s International Security Program's Sam Roggeveen.
Read more »
Concert review: British pop star Sam Smith creates safe space for fans to unleash their inner freakThe Grammy-winning artiste performed at the Singapore Indoor Stadium on Tuesday. Read more at straitstimes.com.
Read more »