Federal prosecutors say the 31-year-old former billionaire embezzled from FTX customers since its founding in 2019 through its November 2022 bankruptcy.
NEW YORK, Oct 3 - Sam Bankman-Fried is set to go on trial on charges of stealing billions of dollars from customers of his FTX cryptocurrency exchange starting on Tuesday, nearly a year after the company's collapse shocked markets and tattered his reputation.since its founding in 2019 through its November 2022 bankruptcy in order to prop up his hedge fund Alameda Research, buy luxury properties and donate more than $100 million to U.S. political candidates.
The first step in the trial will be selecting the 12-member jury that will ultimately weigh those competing narratives in deciding whether to convict Bankman-Fried. The trial is expected to last up to six weeks. It will feature testimony from three former members of Bankman-Fried's inner circle who have pleaded guilty to fraud charges themselves and agreed to cooperate with the Manhattan U.S. Attorney's office.
They have also laid the groundwork to argue that Bankman-Fried believed his exchange was allowed to invest customers' deposits as long as they were ultimately able to take out their funds, and that a series of business failures - not deliberate fraud - left the exchange without enough money to meet withdrawal requests.case U.S. prosecutors have so far brought against a former cryptocurrency executive.
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