• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick Sam Bankman-Fried to testify in federal fraud trial, attorney says
Editor's Pick

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

by October 26, 2023
by October 26, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

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
You Might Also Like
  • Markets are counting on the Fed to head off recession with sizable interest rate cuts
  • ‘Inside Out 2’ tops $1 billion at the global box office, first film to do so since ‘Barbie’
  • Pandemic aid officials who overpaid vulnerable renters are saying, ‘We messed up, pay us back’
  • Amazon set to pass Walmart in revenue for first time
Share
0
FacebookTwitterPinterestWhatsapp

previous post
How the GOP conference came together to elect Mike Johnson as speaker, despite McCarthy meddling
next post
Two Defensive Sectors are Outperforming – What Does This Mean?

You may also like

Trump-Bezos call sets stage for tense earnings report from Amazon

May 1, 2025

Starbucks will stop charging extra for nondairy milk

October 31, 2024

JetBlue plans to cut flights for New York area amid...

April 4, 2023

Parent of Silicon Valley Bank seeks bankruptcy protection

March 23, 2023

Nestle to launch frozen pizzas, other foods targeting users of...

May 22, 2024

Payments app Zelle begins refunds for customers hurt by imposter...

November 15, 2023

Oil prices hit three-month lows, head for weekly loss as...

May 25, 2024

Boeing machinists on picket lines prepare for lengthy strike: ‘I...

September 24, 2024

Florida is booming and burning more trash. Residents say it’s...

October 30, 2023

Possible work stoppage at Canada’s two largest railroads could disrupt...

August 19, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


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

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,632 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,303 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.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 © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Honda recalls more than 2.5 million...

    December 23, 2023

    Live Nation spars with senator over...

    October 26, 2023

    Temu halts shipping direct from China...

    May 4, 2025
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here