In the first trial, Bankman-Fried faces seven criminal counts related to the collapse of the crypto empire he built, including wire fraud, securities fraud and money laundering.
Alameda, FTX and a host of subsidiaries Bankman-Fried founded filed for bankruptcy protection in Delaware.
FTX's own terms of use specifically forbade him, or Alameda, from using customer money for anything — unless the customer allowed it.
And from FTX's inception, there was a lot of customer money.
Bankman-Fried and other executives admitted to each other that "FTX customer funds were irrevocably lost because Alameda had appropriated them."
Persons:
Sam Bankman, Fried, Caroline Ellison, Gary Wang, Ellison, FTX, Wang, Judge Lewis Kaplan, Samuel Bankman, MacKenzie Sigalos, San Francisco —, SBF, Wang —, Nishad Singh —, Goldman Sachs, Binance, Damian Williams, Rehypothecation, —, Crypto, Solana, Zhao, he'd, Cromwell, John J, Ray, John Ray's, — CNBC's Rohan Goswami
Organizations:
Alameda Research, Southern, of, Stanford, MIT, U.S, New York Times, Bankman, That's, CNBC, Jane, Capital, University of California, Formula, Democratic, Twitter, Securities Exchange Commission, SEC, Futures Trading, United States Attorney's Office, CFTC, Alameda, Alameda didn't, Voyager, BlockFi, FTX, Industry, Investors, Zhao, Publicly, Sullivan, Enron
Locations:
Bahamas, Manhattan, New York, Alameda, of New York, FTX, Brooklyn , New York, San Francisco, South Korea, Alameda , California, Fried's Alameda, Berkeley, Miami, Washington, Delaware, California, Federal, Solana, Fried