Connect with us

Hi, what are you looking for?

Business News

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

You May Also Like

Stock News

In this episode of StockCharts TV‘s The Final Bar, Tony Dwyer of Canaccord Genuity talks Fed policy, corporate bond spreads, and why the level of interest...

Business News

Workers at Mack Trucks have gone on strike Monday after rejecting a proposed contract between the company and the United Auto Workers union. The...

Stock News

The month of August has come to an end, and that means a focus on long-term trends, using monthly Relative Rotation Graphs in combination...

Stock News

September’s strong labor market—336,000 jobs added—initially shocked investors. Treasury yields and the US Dollar Index ($USD) spiked higher, while equity futures dropped. But a...