Thrifty Banker
  • Politics
  • Business
  • World
  • Investing
  • Politics
  • Business
  • World
  • Investing

Thrifty Banker

Business

Sam Bankman-Fried to testify in federal fraud trial, attorney says

by October 26, 2023
October 26, 2023
Sam Bankman-Fried to testify in federal fraud trial, attorney says

FTX founder Sam Bankman-Fried will take the stand to testify in his own defense, his attorney said in a conference call Wednesday. The decision by his legal team sets him up for a cross-examination by federal prosecutors, who will be able to press him on the collapse of his crypto exchange FTX.

Bankman-Fried’s decision to testify came after federal prosecutors and his defense team were able to secure the alleged fraudster an adequate supply of his ADHD medication. His defense had previously argued before the court that inadequate access to the medication impugned his ability to participate in his defense.

It is widely considered to be a risky maneuver. While his defense team will be able to question him, and the former billionaire would be able to provide his own narrative as to the collapse, it also opens up Bankman-Fried to a cross-examination by federal prosecutors. So far, the prosecution has called up several of Bankman-Fried’s top executives to testify, including Nishad Singh and Caroline Ellison, his one-time romantic partner and former CEO of Alameda Research.

Bankman-Fried stands accused of fraud and money laundering of his role in the collapse of the multi-billion dollar crypto exchange FTX. Since the company filed for bankruptcy, Bankman-Fried has been accused of systematically pilfering billions in customer assets from the exchanges reserves, in order to fund political contributions, real estate acquisitions and high profile sponsorship deals.

The government has also presented extensive evidence to support its claims, including Signal chats and internal documents, which prosecutors allege show how Bankman-Fried orchestrated the spending of customer funds.

More from CNBC:

Boeing cuts 737 Max delivery forecast as production issues dent third-quarter resultsGM, Honda scrap plans to co-develop ‘affordable’ sub-$30,000 EVsMcDonald’s tried to buy Panera Bread, and 5 other reveals from founder Ron Shaich’s book

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Australian Vanadium Seeks $500M to Build Mine, Processing Plant
next post
Cold War spy satellite photos reveal hundreds of long-lost Roman forts

Related Posts

Costco sold more than $100 million in gold...

December 16, 2023

Boeing expects a 2024 cash burn, slow recovery...

May 25, 2024

McDonald’s aims to open nearly 9,000 restaurants, add...

December 7, 2023

Former FTX chief Sam Bankman-Fried seeks no more...

February 29, 2024

Netflix stock is trading at all-time high levels...

May 4, 2025

Vince McMahon plans to sell a big chunk...

November 13, 2023

‘Would you like to upgrade?’ Travel brands want...

January 14, 2024

Nissan issues ‘do not drive’ warning for 84,000...

May 31, 2024

TSA airport screenings hit an all-time high

June 28, 2024

Job openings nudged lower in November, down to...

January 4, 2024

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Popular

    • 1

      Top 10 Countries for Natural Gas Production (Updated 2024)

      April 6, 2024
    • 2

      Understanding Lithium Mineralogy from an Investment Perspective

      September 12, 2023
    • 3

      US Capital Global Facilitates $50MM Financing to Accelerate Charbone Hydrogen’s North American Expansion

      June 6, 2025
    • 4

      Israel confirms it is arming Hamas rivals in operation opposition calls ‘complete madness’

      June 6, 2025
    • 5

      A GOP operative accused a monastery of voter fraud. Nuns fought back.

      January 3, 2025
    • 6

      Crypto Market Recap: Strategy Eyes US$1B Raise for Bitcoin Push, UK Regulator Reverses ETN Ban

      June 6, 2025
    • 7

      China’s aircraft carriers send message in the open Pacific for the first time – and bigger and more powerful ships are coming

      June 16, 2025

    Categories

    • Business (1,053)
    • Investing (2,079)
    • Politics (2,977)
    • Uncategorized (20)
    • World (3,387)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: thriftybanker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thriftybanker.com | All Rights Reserved