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HomeTechnologySam Bankman-Fried Set to Testify at His Fraud Trial

Sam Bankman-Fried Set to Testify at His Fraud Trial


Sam Bankman-Fried, the founding father of the failed cryptocurrency trade FTX, is planning to testify at his felony 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 an almost weeklong break within the trial. Mr. Bankman-Fried, 31, may testify as quickly as Thursday, after federal prosecutors are scheduled to name their remaining 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 fees 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 prospects, buyers and lenders in regards to the trade’s use of buyer cash as he constructed his enterprise empire.

This can be a growing information story. Keep tuned for updates.

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