Sam Bankman-Fried’s FTX cryptocurrency exchange was a “pyramid of deceit” that lost billions of dollars from thousands of customers to spending on investments and political donations, a prosecutor told jurors on Wednesday as Bankman-Fried’s fraud trial neared its end., 31, may learn his fate just shy of one year after FTX filed for bankruptcy in a swift corporate meltdown that shocked financial markets and wiped out what had been his estimated $26-billion fortune.
In all, the jury heard 15 days of testimony in Manhattan federal court. Three of Bankman-Fried’s former close confidantes, testifying for the prosecution after entering guilty pleas, said he directed them to commit financial crimes, including helping his crypto-focused Alameda Research hedge fund siphon FTX customer deposits and lying to lenders and investors about the finances of the two companies.
Under questioning from his lawyer Mark Cohen, Bankman-Fried portrayed himself as a busy CEO who left operational nuts and bolts to subordinates. He also maintained that while he made mistakes that harmed customers and employees, he never defrauded anyone or stole money. During his second day of testimony on Monday – when the prosecution began its cross-examination – Bankman-Fried said “I don’t recall” at least 28 times. U.S. District Judge Lewis Kaplan frequently chided him for evading direct answers.
Source: Law Daily Report (lawdailyreport.net)
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