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Sam Altman, CEO of ChatGPT maker OpenAI, attends an open dialogue with students at Keio University in Tokyo, Japan June 12, 2023. The nonprofit board overseeing the maker of the popular ChatGPT chatbot sent shock waves through Silicon Valley on Friday by abruptly firing Chief Executive Sam Altman. The trust that controls the candymaker agreed in 2016 to replace certain board members after the Pennsylvania attorney general challenged the trust's spending. Under OpenAI's bylaws, only directors can remove or elect new board members. Board members can sue other board members, either directly or on behalf of the organization, for failing to exercise their duties, said Reid.

Persons: Sam Altman, OpenAI, Issei Kato, chatbot, Satya Nadella, Alexander Reid, Darryll Jones, OpenAI's, Reid, Ilya Sutskever, Altman, Greg Brockman, Sutskever, Anthropic, Jody Godoy, Tom Hals, Matthew Lewis Organizations: Keio University, REUTERS, Microsoft, Hershey Co, Florida, M University, U.S . Internal Revenue Service, Reuters, OpenAI, Thomson Locations: Tokyo, Japan, Silicon Valley, Pennsylvania, U.S, New York

Nov 3 (Reuters) - FTX founder Sam Bankman-Fried was convicted on Thursday of orchestrating a multibillion dollar fraud on the cryptocurrency exchange's customers. U.S. District Judge Lewis Kaplan set Bankman-Fried's sentencing for March 28, 2024. In denying Bankman-Fried's release from jail to prepare for trial, Kaplan said he could potentially face a "very long sentence." Circuit Court of Appeals to review his conviction, as well as rulings against him before and during the trial. His lawyer Mark Cohen said following Bankman-Fried's conviction that his client would continue to "vigorously fight the charges."

Persons: Sam Bankman, Fried, District Judge Lewis Kaplan, Kaplan, Amanda Perobelli, Will, Mark Cohen, Will Bankman, FTX, Jody Godoy, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: U.S, District, U.S . Former FTX, REUTERS, Circuit, Detention, Thomson Locations: Manhattan, New York City, U.S, Brooklyn's, FTX, New York

Tesla, X (formerly known as Twitter) and SpaceX's CEO Elon Musk attends the AI Safety Summit at Bletchley Park in Bletchley, Britain on November 1, 2023. Musk filed the objections in San Francisco federal court, where the SEC sued him on Oct. 5 to make him testify for the probe, which it launched in April 2022. Musk has given the SEC documents relating to the probe and provided testimony in July last year via video conference, the SEC said in a court filing. The SEC has spent 18 months "devoting its formidable resources to investigating Mr. Musk over an allegedly untimely filing," the court filings said. The SEC sued Musk in 2018 over his posts on social media saying he had "funding secured" to take electric vehicle maker Tesla Inc (TSLA.O) private.

Persons: Tesla, Elon Musk, Leon Neal, Musk, Alex Spiro, Spiro, Twitter, Jody Godoy, Chris Prentice, Dan Whitcomb, Chizu Nomiyama Organizations: SpaceX's, Bletchley, REUTERS Acquire, U.S . Securities, Exchange, SEC, Twitter, U.S, Tesla Inc, Supreme, Thomson Locations: Bletchley, Britain, San Francisco federal, U.S, New York

After Kaplan left the courtroom, Cohen put his arm around Bankman-Fried as they spoke at the defense table. He testified that while he made mistakes running FTX, such as not formulating a risk-management team, he did not steal customer funds. "We thought that we might be able to build the best product on the market," Bankman-Fried testified. The defense argued the three, who have not yet been sentenced, falsely implicated Bankman-Fried in a bid to win leniency at sentencing. Bankman-Fried has been jailed since August after Kaplan revoked his bail, having concluded he likely tampered with witnesses.

Persons: Sam Bankman, Fried, Bankman, FTX, Damian Williams, Williams, Bernie Madoff, Jordan Belfort, District Judge Lewis Kaplan, Mark Cohen, Kaplan, Cohen, nodded, Joseph Bankman, Barbara Fried, Fried's, Danielle Sassoon, Caroline Ellison, Gary Wang, Nishad Singh, Luc Cohen, Jody Godoy, Will Dunham, Daniel Wallis Organizations: U.S . Justice, U.S, District, Massachusetts Institute of Technology, Marshals, Stanford Law, Prosecutors, Alameda Research, Former Alameda, Thomson Locations: Manhattan, Bankman, New York City, U.S, FTX, Alameda, New York, Lincoln

REUTERS/Jane Rosenberg Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW YORK, Nov 1 (Reuters) - Sam Bankman-Fried's fraud trial is in the homestretch, with U.S. prosecutors and defense lawyers expected on Wednesday to present closing arguments to jurors over whether the FTX cryptocurrency exchange founder stole billions of dollars from customers. Prosecutors have accused him of stealing $8 billion in one of the biggest financial frauds in U.S. history. 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. Closing arguments probably will take several hours, and jurors are not expected to get the case before Thursday. He has been jailed since August after Kaplan revoked his bail, having concluded that he likely tampered with witnesses.

Persons: Sam Bankman, Fried, Danielle Sassoon, Jane Rosenberg, FTX, Mark Cohen, Sassoon, District Judge Lewis Kaplan, Kaplan, Luc Cohen, Will Dunham Organizations: REUTERS, U.S, Alameda Research, Prosecutors, District, Thomson Locations: New York City, U.S, Manhattan, Alameda, FTX, New York

FTX founder Sam Bankman-Fried testifies in his fraud trial over the collapse of the bankrupt cryptocurrency exchange, at federal court in New York City, U.S., October 27, 2023 in this courtroom sketch. REUTERS/Jane Rosenberg/File Photo Acquire Licensing RightsCompanies Champion Trust Llc FollowOct 30 (Reuters) - FTX founder Sam Bankman-Fried is set on Monday to resume testifying at his fraud trial on charges related to the cryptocurrency exchange's collapse last year. Here are five key moments from Bankman-Fried's testimony so far. HIGH-END HOUSING AND ENDORSEMENT DEALSBankman-Fried testified that FTX corporate cash paid for high-end housing for employees in the Bahamas and endorsement deals. "We didn't care if a user withdrew funds and used them to buy muffins, to pay business expenses, to invest or anything else," Bankman-Fried testified.

Persons: Sam Bankman, Fried, Jane Rosenberg, Jody Godoy, Luc Cohen, Noeleen Walder, Will Dunham Organizations: REUTERS, PEOPLE, Alameda Research, Prosecutors, Massachusetts Institute of Technology, Thomson Locations: New York City, U.S, FTX's, Bahamas, Alameda, ALAMEDA, New York

Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, arrives at court in New York, U.S., August 11, 2023. Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy. Prosecutors have said he looted billions of dollars in FTX customer funds to prop up his hedge fund, Alameda Research, make speculative venture investments, and contribute to U.S. political campaigns. His decision to testify in his own defense is risky, as it opens him up to probing cross-examination by prosecutors. Reporting by Luc Cohen in New York; Editing by Will DunhamOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Eduardo Munoz, Mark Cohen, FTX, Fried, District Judge Lewis Kaplan, Luc Cohen, Will Dunham Organizations: REUTERS, Prosecutors, Alameda Research, Reuters, U.S, District, Thomson Locations: New York, U.S

"We thought that we might be able to build the best product on the market," Bankman-Fried said during his six hours of testimony in Manhattan federal court. Bankman-Fried on Friday testified that while Ellison provided him a spreadsheet she was considering sending to a lender, he did not look at it in detail. On Friday, Bankman-Fried sought to place much of the blame for Alameda's failure on Ellison. Bankman-Fried was questioned by both sides on Thursday without jurors present as the judge assessed what parts of his testimony would be admissible. Prosecutors will get their first chance to question Bankman-Fried with jurors present when they cross-examine him next week.

Persons: Sam Bankman, Fried, Caroline Ellison, Mark Cohen's, Ellison, Gary Wang, Wang, Nishad Singh, FTX, Cohen, Jody Godoy, Luc Cohen, Will Dunham, Daniel Wallis Organizations: Alameda Research, Prosecutors, Alameda, FTX, Thomson Locations: Alameda, Manhattan, New York

Former FTX Chief Executive Sam Bankman-Fried, who faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, leaves federal court in New York City, U.S., February 9, 2023. Prosecutors allege Bankman-Fried misled FTX customers about the safety of their assets before the exchange filed for bankruptcy in November 2022. Alameda had borrowed several billion dollars of FTX customer assets to repay its lenders the month before, she said. "We have a long history of safeguarding client assets and that remains true today," he said in the thread. Ellison testified at trial that by the summer of 2022, Alameda was drawing from FTX customer funds to make venture investments.

Persons: Sam Bankman, Mike Segar, Fried, Gary Wang, FTX's, FTX, Wang, Caroline Ellison, Alameda's, Ellison, Jody Godoy, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: FTX, REUTERS, Prosecutors, Alameda, Thomson Locations: New York City, U.S, Alameda, New York

[1/3] Tom Barrack, CEO of Colony Capital, speaks at the Republican National Convention in Cleveland, Ohio, U.S. July 21, 2016. Here are five criminal cases where the defendant testified:Theranos founder Elizabeth HolmesThe Theranos founder took the stand at her criminal trial in 2021, testifying over several days that she did not intend to defraud investors in the now defunct blood-testing startup. Middendorf, who was head of a department at KPMG, testified at the trial in Manhattan that when he learned another employee had obtained the information, he reported it to his boss. Ex-HSBC executive Mark JohnsonThe former HSBC executive was convicted in 2017 of defrauding a bank client in a $3.5 billion currency trade. Reporting by Jody Godoy in New York; Editing by Noeleen Walder and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Tom Barrack, Jim Young, Sam Bankman, Fried, Elizabeth Holmes, Holmes, Donald Trump, David Middendorf, Middendorf, Mark Johnson, Johnson, Jean Boustani, Boustani, Jody Godoy, Noeleen Walder, Daniel Wallis Organizations: Colony Capital, Republican National Convention, REUTERS, United, United Arab Emirates, U.S, KPMG, Supreme, HSBC, Prosecutors, Credit Suisse, Thomson Locations: Cleveland , Ohio, U.S, San Jose , California, Brooklyn, United Arab, UAE, Manhattan, British, Lebanese, Mozambican, Mozambique, New York

Indicted FTX founder Sam Bankman-Fried leaves the United States Courthouse in New York City, U.S., July 26, 2023. Elizabeth Holmes took the stand at her criminal trial, testifying over several days that she did not intend to defraud investors in her blood-testing startup, Theranos. For Bankman-Fried to be convicted of fraud, prosecutors must show beyond a reasonable doubt that he intended to defraud FTX customers or investors. Taking the stand carries the risk that he will be confronted with those media appearances as well as his use of social media. But Bankman-Fried has a lower-than-average fear of risk, according to trial testimony.

Persons: Sam Bankman, Fried, Amr Alfiky, Willkie Farr, Gallagher, Ilene Jaroslaw, Elizabeth Holmes, Holmes, Caroline Ellison, Ellison, Mike Schachter, Schachter, Tom Barrack, Donald Trump, Jean Boustani, District Judge Lewis Kaplan, Bankman, Jody Godoy, Tom Hals, Noeleen Walder, Jonathan Oatis Organizations: United, REUTERS, Prosecutors, Alameda Research, Massachusetts Institute of Technology, Detention, U.S, District, Thomson Locations: New York City, U.S, Alameda, Lebanese, Brooklyn's, New York

Circuit Court of Appeals rejected lawsuits seeking to block the rule last week, saying constitutional claims do not apply to Nasdaq, which is a private entity. The Alliance for Fair Board Recruitment, one of the groups that sued, is now requesting the full 5th Circuit to review that ruling. The 5th Circuit said in its Oct. 18 ruling that while the government regulates Nasdaq, it does not control the exchange. The case is Alliance For Fair Board Recruitment v. SEC, 5th U.S. Circuit Court of Appeals, No.

Persons: Edward Blum, Jody Godoy, Aurora Ellis Organizations: U.S . Securities, Exchange Commission, SEC, U.S, Circuit, Nasdaq, Fair, Harvard University, University of North, Republican, Democratic Biden, Democratic, Companies, Thomson Locations: University of North Carolina, New York

The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. In its December 2020 lawsuit, the SEC accused Ripple of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP. U.S. District Judge Analisa Torres in Manhattan granted Ripple a partial win in the case in July, finding that sales of XRP on public exchanges were not unregistered securities offerings. The SEC's claims against Garlinghouse and Larsen over their role in those sales were to be tried before a jury. Torres' July ruling against the SEC was a rare setback in the regulator's long-runnning crackdown on the industry.

Persons: Andrew Kelly, Brad Garlinghouse, Chris Larsen, Ripple, Analisa Torres, Torres, Garlinghouse, Larsen, Sam Bankman, Gary Gensler, Gensler, Jody Godoy, David Gregorio Our Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Ripple Labs, SEC, District, Binance, Industry, Thomson Locations: Washington ,, New York, . U.S, Manhattan, America, U.S

The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. The SEC acted within its authority in approving the rule, and was allowed to consider the opinions of investors who said board diversity information was important to their investment decisions, the court said. "This evidence is sufficient to support the SEC's determination that regardless of whether investors think that board diversity is good or bad for companies, disclosure of information about board diversity would inform how investors behave in the market," the panel wrote. They said the rule is not a quota but a disclosure requirement that provides standardized information on board diversity. Circuit Court of Appeals, No.

Persons: Edward Blum, Blum, Biden, Jody Godoy, Mark Porter, Jonathan Oatis Organizations: Nasdaq, REUTERS, Circuit, National Center for Public Policy Research, Alliance for Fair, SEC, Harvard University, University of North, U.S . Securities, Exchange Commission, Companies, Republican, Democratic, Fair, U.S, Thomson Locations: New York City, U.S, New Orleans, University of North Carolina, New York

The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing RightsCompanies Meta Platforms Inc FollowOct 18 (Reuters) - A shareholders' proposed class action accusing Meta Platforms Inc (META.O) of concealing sweeping misuse of Facebook users' data in 2017 and 2018 was revived by a U.S. appeals court on Wednesday. Circuit Court of Appeals in San Francisco restored shareholders' claim that the company, then known as Facebook, falsely said that user data "could" be compromised. At the time, the company was already aware that the UK-based consulting firm Cambridge Analytica had violated its privacy policies, shareholders allege. Circuit Judge Patrick Bumatay dissented, saying that Facebook's disclosures concerned the type of risks involved in its business, not whether or not a data breach had occurred.

Persons: Yves Herman, Cambridge Analytica, Margaret McKeown, Darren Robbins, Donald Trump's, Patrick Bumatay, Jody Godoy, Jonathan Oatis Organizations: REUTERS, Meta, Inc, Facebook, U.S, Circuit, Cambridge, Shareholders, Thomson Locations: Brussels, Belgium, San Francisco

Bankman-Fried has pleaded not guilty to charges of stealing billions of dollars from customers at his now-defunct FTX cryptocurrency exchange. "He didn't think rules like 'don't lie' or 'don't steal' fit in to that framework," said Ellison, who ran Bankman-Fried's crypto-focused hedge fund Alameda Research. Ellison said Bankman-Fried asked her to falsify Alameda's financial statements to keep lenders at bay amid a downturn in cryptocurrency markets in 2022. BANKMAN-FRIED THOUGHT HE COULD BECOME U.S. PRESIDENTBankman-Fried was "very ambitious," Ellison said, adding that he "thought there was a 5% chance he would become president some day." Prosecutors have said that Bankman-Fried used customer funds as he pleased, and that the resulting shortfall caused FTX's collapse.

Persons: Caroline Ellison, Sam Bankman, Fried, Ellison, Bankman, Prosecutors, ELLISON Ellison, Jody Godoy, Luc Cohen, Noeleen Walder, Matthew Lewis Organizations: Alameda, Federal Court, Reuters, REUTERS Acquire, Alameda Research, Toyota Corolla, Prosecutors, Thomson Locations: New York City, U.S, Alameda, Bahamas, FTX, Binance, China, New York

REUTERS/Brendan McDermid Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW YORK, Oct 12 (Reuters) - Sam Bankman-Fried's confidant Caroline Ellison will take the stand again at the FTX founder's trial on Thursday, where she could face questions about why she cooperated with prosecutors against her former boss and romantic partner. Bankman-Fried's attorney Mark Cohen is expected to continue cross-examining Ellison, whom he questioned for a few minutes on Wednesday before jurors went home for the day. FTX collapsed and declared bankruptcy in November 2022, shocking financial markets and destroying Bankman-Fried's reputation. A third cooperating witness, former FTX engineering chief Nishad Singh, is also expected to testify at the trial, which could last up to six weeks. Reporting by Jody Godoy in New York Editing by Noeleen Walder and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Caroline Ellison, Sam Bankman, Brendan McDermid, Ellison, Fried, Mark Cohen, FTX, Gary Wang, Nishad Singh, Jody Godoy, Noeleen Walder, Matthew Lewis Organizations: Alameda, Federal Court, REUTERS, Bankman, Alameda Research, Prosecutors, Stanford University, Manhattan U.S, Thomson Locations: New York City, U.S, Alameda, New York

Former crypto hedge fund Alameda Research CEO Caroline Ellison finds and points out Sam Bankman-Fried during Bankman-Fried's fraud trial over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 10, 2023, in this courtroom sketch. REUTERS/Jane Rosenberg/File Photo Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW YORK, Oct 11 (Reuters) - Caroline Ellison, the former co-head of Sam Bankman-Fried's hedge fund and a pivotal witness in his trial on fraud charges tied to the collapse of his FTX cryptocurrency exchange, is scheduled to retake the stand on Wednesday morning. Ellison, the former co-chief executive of Alameda Research, testified on Tuesday that she was part of a multibillion-dollar conspiracy led by Bankman-Fried to defraud FTX customers, investors and lenders. Ellison said the hedge fund took about $10 billion in FTX customer funds to repay its debts and make investments. A third cooperating witness, former FTX engineering chief Nishad Singh, is also expected to testify at the trial, which could last up to six weeks.

Persons: Caroline Ellison, Sam Bankman, Jane Rosenberg, Ellison, FTX, Bankman, shrugged, Fried, Mark Cohen, Gary Wang, Nishad Singh, Jody Godoy, Luc Cohen, Noeleen Walder, Matthew Lewis Organizations: Alameda, Federal Court, REUTERS, Alameda Research, Bankman, Manhattan U.S, Stanford University, Prosecutors, Thomson Locations: FTX, New York City, U.S, Alameda, New York

Ellison said the hedge fund, Alameda Research, took about $10 billion in FTX customer funds to repay its debts and make investments. Gary Wang, FTX's former technology chief, testified that Bankman-Fried falsely tweeted that FTX was "fine" in November as the exchange faced surging demand for withdrawals. Bankman-Fried left in 2017 to found Alameda, and Ellison followed when he offered her a job as a trader. "He was very ambitious," Ellison told the court. In testimony that could undermine that argument, Ellison said she always consulted Bankman-Fried on big decisions and always deferred to him.

Persons: Sam Bankman, Eduardo Munoz, Caroline Ellison, Ellison, FTX, Fried, Mark Cohen, Gary Wang, Nishad Singh, Bankman, Jane, Joe Biden's, Cohen, District Judge Lewis Kaplan, Luc Cohen, Jody Godoy, Noeleen Walder, Nick Zieminski, Matthew Lewis Organizations: REUTERS, Alameda Research, Manhattan U.S, Prosecutors, Alameda, Bankman, Wall, Ellison, New York Times, Times, District, Thomson Locations: New York, U.S, Alameda, FTX

In the memo, Bankman-Fried called Alameda's failure to hedge its bets a "mistake." When Everdell asked if the decision not to hedge was Ellison's, Wang replied that she was Alameda's CEO at the time. Prosecutors said last week they planned to call Ellison to take the stand once Wang finishes his testimony. She was seen entering the courthouse on Tuesday morning wearing a blue baseball cap and sunglasses, and carrying a blue thermos. A third former member of Bankman-Fried's inner circle, ex-FTX engineering chief Nishad Singh, is also expected to testify at trial.

Persons: Sam Bankman, Eduardo Munoz, Caroline Ellison, Christian Everdell's, Gary Wang, Everdell, Wang, Ellison, Prosecutors, Fried, District Judge Lewis Kaplan, Nishad Singh, FTX, Christian Everdell, Mark Cohen, Luc Cohen, Jody Godoy, Noeleen Walder, Matthew Lewis, Nick Zieminski Organizations: REUTERS, Alameda Research, New York Times, U.S, District, Brooklyn's Metropolitan Detention Center, Bankman, Alameda, Thomson Locations: New York, U.S, Manhattan, Brooklyn's, Alameda, Washington ,

"Assets were not fine, because FTX did not have enough assets for customer withdrawals." On Friday, Wang testified that on Nov. 6, 2022, FTX executive Nishad Singh knocked on his door and told him customers were trying to withdraw their money faster than FTX could process the transactions. He said no other FTX users had those special privileges, which the exchange did not disclose to its investors or customers. After FTX declared bankruptcy on Nov. 11, 2022, Wang testified that at Bankman-Fried's direction, he turned over some remaining FTX customer assets to the Bahamas, where FTX was based. Wang said Bankman-Fried said liquidators and regulators there were more amenable to letting him stay in charge of FTX.

Persons: Sam Bankman, Fried, Nicolas Roos, Gary Wang, Jane Rosenberg, FTX, Wang, FTX's, Nishad Singh, CoinDesk, Bankman, WANG, District Judge Lewis Kaplan, Christian Everdell, Caroline Ellison, Alameda's, Mark Cohen, Sam, Jody Godoy, Luc Cohen, David Gregorio, Nick Zieminski, Matthew Lewis Organizations: U.S, Federal Court, REUTERS, Alameda Research, Washington , D.C, District, Bankman, Thomson Locations: FTX, New York City, U.S, Manhattan, Washington ,, Alameda, Bahamas, Fried, United States, New York

Wang, 30, is one of three FTX insiders who have pleaded guilty to fraud charges and entered a cooperation agreement with the government. Wang testified on Thursday that while at FTX, he created software code at the direction of Bankman-Fried that gave "special privileges" to Alameda, allowing it to withdraw unlimited funds. While Wang is the first cooperator to take the stand, jurors have so far heard from three other witnesses. He said Bankman-Fried appeared worried and told him the companies were "not bulletproof" as they had been the year before. Zac Prince, the founder of crypto lender BlockFi, is among the witnesses expected to testify after Wang finishes when the trial resumes next Tuesday.

Persons: Sam Bankman, Eduardo Munoz, Gary Wang, Wang, Fried, FTX, Matt Huang, Adam Yedidia, Zac Prince, Jody Godoy, David Gregorio Our Organizations: REUTERS, Alameda Research, Prosecutors, Alameda, Thomson Locations: New York, U.S, Alameda, FTX

NEW YORK, Oct 5 (Reuters) - Sam Bankman-Fried's college roommate and ex-colleague, Gary Wang, testified on Thursday at the FTX cryptocurrency exchange founder's fraud trial that Bankman-Fried told him to give a hedge fund they co-owned special trading privileges on FTX. The special privileges granted to the hedge fund, Alameda Research, included a $65 billion line of credit, several orders of magnitude bigger than the amount other users were able to borrow, he said. He added that Bankman-Fried had directed him to implement the changes giving Alameda special privileges. Wang, 30, is the first of three former close associates of Bankman-Fried to testify at the trial, which began on Tuesday. Wang said Bankman-Fried decided to name the firm Alameda Research because it "makes it easier to do business if the name doesn't mention trading or cryptocurrency."

Persons: Sam Bankman, Gary Wang, Fried, Wang, FTX, FTX's, Mark Cohen, Matt Huang, Huang, Bankman, Nishad Singh, Caroline Ellison, Alameda's, Adam Yedidia, Yedidia, Sam, Joseph Bankman, Barbara Fried, Luc Cohen, Jody Godoy, Amy Stevens, Matthew Lewis Organizations: Alameda Research, Alameda, Massachusetts Institute of Technology, Prosecutors, MIT, Stanford Law, Thomson Locations: Alameda, tatters, Manhattan, FTX, China, United States, Bahamas, Yedidia, New York

But FTX had asserted the opposite in an online post about a car race it sponsored in Miami Beach, Florida, six months before its November 2022 collapse. loadingAt Bankman-Fried's trial on Wednesday, prosecutors played for the jury FTX video advertisements in which a narrator said, "we're inviting everyone in," as well as spots featuring NFL quarterback Tom Brady and comedian Larry David. Bankman-Fried, 31, has pleaded not guilty to two counts of fraud and five counts of conspiracy over the collapse of FTX. Mark Cohen, Bankman-Fried's lawyer, said his client never intended to steal funds. "But on the other hand, many factors that nobody controlled could make crypto go up and down in value.

Persons: Sam Bankman, Mark Cohen, Jane Rosenberg, FTX, Shaquille O'Neal, Tom Brady, Larry David, Bankman, Prosecutors, cryptocurrency, Thane Rehn, Fried, Rehn, Cohen, O'Neal, Brady, David, Luc Cohen, Jody Godoy, Amy Stevens, Matthew Lewis Organizations: Federal Court, REUTERS, Twitter, Miami Heat, Thomson Locations: Bankman, FTX, New York City, U.S, Miami Beach , Florida, New York

In his opening statement, Rehn said Bankman-Fried used more than $10 billion in FTX customer funds to amass his own wealth, power and influence. But Rehn said FTX collapsed because of Bankman-Fried's plundering of FTX customer cash. According to prosecutors, Bankman-Fried installed Ellison, his sometime romantic partner, as a "front" to lead Alameda in 2021. "In reality he was still calling the shots at Alameda," Rehn said. But Bankman-Fried's lawyer said that handing over the reins was normal as FTX grew and took up his time.

Persons: Sam Bankman, Attorney Thane Rehn, Jane Rosenberg REFILE, Fried, Thane Rehn, Mark Cohen, Rehn, Cohen, Zhao, FTX, duping, Caroline Ellison, Ellison, Jody Godoy, Luc Cohen, Amy Stevens, Matthew Lewis Organizations: U.S, Attorney, Federal Court, REUTERS, Alameda Research, Alameda, Bankman, Thomson Locations: Bankman, FTX, New York City, U.S, Bahamas, Alameda, New York

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