Sam Bankman-Fried, the former CEO of FTX, is trying to prevent the government from calling multiple witnesses in his upcoming fraud trial. The witnesses include former FTX investors, insiders, and a Ukrainian customer who lost their life savings on the platform. Bankman-Fried is facing charges of wire fraud, securities fraud, money laundering, and violating campaign finance laws. He is accused of stealing billions from FTX customers to support his hedge fund Alameda Research and engage in illegal activities.
In 2019, Bankman-Fried co-founded FTX, which quickly became one of the largest cryptocurrency exchanges globally. However, after controversies and investigations by the DOJ and SEC, FTX filed for bankruptcy in November 2022. Prosecutors allege that Bankman-Fried deceived customers about the security of their assets while manipulating markets and funneling resources into Alameda Research.
Bankman-Fried’s lawyer has filed a motion seeking to exclude the testimony of several witnesses called by the government. The lawyer argues that their opinions are irrelevant and prejudicial. He also objects to a Ukrainian customer testifying remotely, claiming it’s meant to elicit sympathy from the jury.
The trial is set to begin on October 3 and may last for weeks. Bankman-Fried has pleaded not guilty to all charges and could face over 100 years in prison if convicted. He also awaits another trial in March 2024 related to alleged bribery of Chinese officials.
Hot Take: Former FTX CEO Sam Bankman-Fried is fighting against witness testimonies in his upcoming fraud trial. The allegations against him involve stealing billions from FTX customers for personal gain. His lawyer argues that the witnesses’ opinions are irrelevant and that allowing a remote testimony from a Ukrainian customer is inappropriate. The trial begins on October 3 and could last for weeks. If convicted, Bankman-Fried could face a lengthy prison sentence. This is just one legal battle for Bankman-Fried, as he also awaits another trial related to bribery charges.
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