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☆ FTX's victims may get all their money back. The judge sentencing Sam Bankman-Fried might not care.
▼ + stars: | 2024-03-24 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +12 min

Sam Bankman-Fried bilked FTX customers out of over $8 billion, according to prosecutors. AdvertisementAccording to federal prosecutors, Sam Bankman-Fried orchestrated one of the biggest criminal frauds in the history of the world. According to his lawyers, FTX's customers might get all their money back. According to prosecutors, Bankman-Fried was responsible for more than $11 billion in fraud overall between FTX customers and investors in FTX and Alameda Research. The recovered calculations, too, distort how much money customers are actually getting back.

Persons: Sam Bankman, —, Fried, FTX, John J, Ray III, Ray, Lewis Kaplan, Kaplan, Sarah Krissoff, Cozen O'Connor, Krissoff, it's, Sarah Silbiger, Bankman, bitcoin, Rachel Maimin, Lowenstein Sandler, Barbara Fried, Mark Cohen, Jane Rosenberg Bankman, Maiman, Maimin, Caroline Ellison Organizations: Service, FTX, Bankman, Alameda Research, US, United States, Second Circuit, U.S . House Financial, Capitol, Reuters, K5 Global, Prosecutors, Wall, REUTERS, Business, of Prisons, Alemda Research Locations: FTX, Manhattan, New Jersey, New York, Washington , U.S

NEW YORK (AP) — FTX founder Sam Bankman-Fried plans to testify at his fraud trial, his lawyer told a federal judge on Wednesday, a day before the defense is set to counter testimony from former executives who say the cryptocurrency executive stole billions of dollars from his customers and investors over several years. Attorney Mark Cohen told Judge Lewis A. Kaplan that he planned to call three witnesses “and then our client is also going to be testifying” after prosecutors rest early Thursday. Even so, prosecutors and the judge later discussed the possibility that closing arguments could occur early next week if Bankman-Fried changes his mind and doesn't take the stand. That means only Bankman-Fried or other character witnesses can tell his side of the story, former prosecutors said. ___For more AP coverage of Sam Bankman-Fried and FTX: https://apnews.com/hub/sam-bankman-fried

Persons: — FTX, Sam Bankman, Fried, Mark Cohen, Judge Lewis A, Kaplan, “, ”, Cohen, Rachel Maimin, Lowenstein Sandler, Caroline Ellison, Gary Wang, Joshua Naftalis, “ It’s, Mary Organizations: Alameda Research, Pallas Partners Locations: Manhattan, Palo Alto , California, Bahamas

☆ Sam Bankman-Fried's lawyers avoid challenges to 'cartoon' villain image
▼ + stars: | 2023-10-23 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +5 min

Defense lawyers will have a chance to put forward a competing narrative when they present their case, beginning as soon as Thursday. A STRATEGIC CHOICEAllowing specific unfavorable accounts by prosecution witnesses to go unchallenged on cross-examination could be a strategic choice by the defense, according to experts. During opening statements, Cohen told jurors of the prosecutors: "They'd have you think he was quite the villain, or, more precisely, almost a cartoon of a villain. "It was pretty humiliating," said Singh, who has pleaded guilty to fraud charges. Ellison, who has also pleaded guilty to fraud, said Bankman-Fried told her that his signature sloppy dress and wild mop of curly locks was an "important part of FTX's image."

Persons: Sam Bankman, Andrew Kelly, Fried, Bankman, doesn't, Jordan Estes, Kramer Levin, Mark Cohen, Cohen, Rachel Maimin, Lowenstein Sandler, Sam, gooder, Nishad Singh, Singh, Caroline Ellison, Alameda's, Ellison, Luc Cohen, Will Dunham, Amy Stevens Organizations: FTX, Manhattan, REUTERS, Alameda Research, Thomson Locations: New York City, U.S, Manhattan, Washington, Alameda, New York

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