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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 ,

Political Cartoons View All 1206 ImagesHe even thought there was a 5% chance he'd become president someday, Ellison said. Assistant U.S. Attorney Danielle Sassoon asked her what he thought he'd be president of. Shortly after Ellison’s highly anticipated turn on the witness stand began, she was asked to identify Bankman-Fried in the courtroom. Ellison testified under a cooperation deal that could win her leniency when she is sentenced. As Ellison testified, several of her friends or online fans were in attendance at the courthouse.

Persons: Sam Bankman, Fried, Caroline Ellison, Ellison, ”, he'd, Danielle Sassoon, ” Ellison, Ellison’s, FTX, Judge Lewis A, Kaplan, Palo, Sassoon, Jane, Bankman, “, Joe Biden, Gary Wang Organizations: Stanford, U.S, Alameda Research, Alameda, Republican Locations: Manhattan, Bankman, United States, Bahamas, Washington, Palo Alto , California, Alameda

☆ SBF’s ex-girlfriend Caroline Ellison takes the stand as government’s star witness
▼ + stars: | 2023-10-10 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Ellison, who ran FTX's sister hedge fund Alameda Research, pleaded guilty in December to two counts of wire fraud, two counts of conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud and conspiracy to commit money laundering. Ellison also spent years as Bankman-Fried's on-again, off-again girlfriend and, at times, his roommate. Caroline Ellison, former chief executive officer of Alameda Research LLC, center, arrives at court in New York, US, on Tuesday, Oct. 10, 2023. Noticeably absent thus far in proceedings is the mention of Ellison's co-CEO Sam Trabucco, who was a classmate of Bankman-Fried at MIT. Lawyers for the U.S. Attorney's office entered into evidence photos featuring Sam Bankman-Fried and his fellow co-workers at their shared $35 million Bahamian penthouse.

Persons: Caroline Ellison, Sam Bankman, Ellison, Gary Wang —, Fried, Yuki Iwamura, Attorney Thane Rehn, Rehn, Mark Cohen, Ellison's, Sam Trabucco, Trabucco Organizations: Alameda Research, Stanford, Jane Capital, Alameda, Bloomberg, Getty, Attorney, MIT, U.S Locations: Manhattan, Alameda, San Francisco Bay, New York, FTX

☆ Inside Sam Bankman-Fried's $35 million crypto frat house in the Bahamas
▼ + stars: | 2023-10-10 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +11 min

Lawyers for the U.S. Attorney's office entered into evidence a series of photos featuring the $35 million penthouse where Sam Bankman-Fried and his fellow co-workers resided. Lawyers for the U.S. Attorney's office entered into evidence a series of photos featuring the $35 million penthouse where Sam Bankman-Fried and his fellow co-workers resided. Lawyers for the U.S. Attorney's office entered into evidence photos featuring Sam Bankman-Fried and his fellow co-workers at their shared $35 million Bahamian penthouse. In his testimony, Yedidia recalled a group Signal thread labeled "People of the House," which referred to Bankman-Fried's $35 million penthouse. Zoom In Icon Arrows pointing outwards Exhibit from the prosecution shows Signal thread called "People of the House," referring to Bankman-Fried's $35 million penthouse, where many employees lived.

Persons: Sam Bankman, Fried, Gary Wang, Adam Yedidia, Caroline Ellison, She's, somethings, Lewis Kaplan, Yedidia, it's, Ryan Salame, Joseph Bankman, Barbara Fried, Bankman, John Ray, Ray, Tiger Woods, Justin Timberlake, Michael Lewis, Lewis, napping, Mark Cohen, FTX, Ellison, hadn't Organizations: U.S, Southern, of, Lawyers, Alameda Research, Massachusetts Institute of Technology, MIT, SDNY, Bankman, Alameda, New Providence, FTX, Enron, Capitol, Prosecutors Locations: Bahamas, Manhattan, He's, of New York, Bankman, FTX, Alameda, Hong Kong, Caribbean, New Providence, New, U.S, Albany, oceanside

☆ Sam Bankman-Fried's ex-girlfriend set to take stand as fraud trial's star witness
▼ + stars: | 2023-10-10 | 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: +4 min

REUTERS/Eduardo Munoz//File Photo Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW YORK, Oct 10 (Reuters) - Sam Bankman-Fried's fraud trial is set to resume on Tuesday with testimony from his former colleagues at the now-bankrupt FTX cryptocurrency exchange, including his onetime girlfriend Caroline Ellison. Prosecutors said last week they planned to call Ellison, the former co-chief executive officer of Bankman-Fried's Alameda Research hedge fund, to take the stand once Wang finishes his testimony. U.S. District Judge Lewis Kaplan said that likely amounted to witness-tampering, and on Aug. 11 revoked Bankman-Fried's bail. A third former member of Bankman-Fried's inner circle, ex-FTX engineering chief Nishad Singh, is also expected to testify at trial. Reporting by Luc Cohen and Jody Godoy in New York; Editing by Noeleen Walder and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

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

☆ Caroline Ellison is about to spill the beans on her ex-boyfriend Sam Bankman-Fried
▼ + stars: | 2023-10-10 | by ( Grace Kay | Jacob Shamsian | ) www.businessinsider.com time to read: +7 min

Caroline Ellison is set to testify later today in the criminal case against Sam Bankman-Fried. The former Alameda Research CEO is expected to be a key witness in the case against Bankman-Fried. AdvertisementAdvertisementAll eyes will be on star witness Caroline Ellison when she takes the stand later today in the trial against her ex-boyfriend and former boss Sam Bankman-Fried. They say Bankman-Fried siphoned money from customer accounts to fund crypto bets with Alameda Research, a hedge fund he controlled. Since the exchange collapsed, the former FTX CEO has attempted to put the blame for the platform's collapse on other executives, including Ellison.

Persons: Caroline Ellison, Sam Bankman, Ellison, —, FTX, Eric Chaffee, Prosecutors, Fried, Mark Cohen, Ellison —, Cohen, BRYAN R, SMITH, Jane Street, Gary Wang —, Wang, Adam Yedidia, Chelsea Jia Feng, Yedidia, Caroline, Lewis Kaplan, who's, Michael Lewis Organizations: Alameda Research, Service, Case Western Reserve University, Manhattan Federal, Bankman, Alameda, Research, New York Times, US Department of Justice, US Locations: Bankman, FTX, Alameda, Bahamas, Manhattan

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTX co-founder Gary Wang set to wrap up testimony in SBF trial: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Nikhilesh De, CoinDesk's managing editor for global policy and regulation, weighs in on the SBF trial and the testimony heard so far.

Persons: Gary Wang, explainers, Nikhilesh, CoinDesk's Organizations: CNBC Crypto, CNBC

☆ SBF's lawyers shouldn't be allowed to use his $500 million investment in AI firm Anthropic — which could used to pay back FTX customers — as evidence, prosecutors say
▼ + stars: | 2023-10-09 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Anthropic looks set to be valued at $30 billion as it is in talks with Google for further investment. Prosecutors argue that the investment can't be used as evidence in Bankman-Fried's favor. AdvertisementAdvertisementProsecutors have asked the judge overseeing Sam Bankman-Fried's trial to stop the FTX founder's lawyers from referencing his $500 million investment in Anthropic. AdvertisementAdvertisementThat means Bankman-Fried's investment could be a major help in reimbursing the thousands of FTX customers who lost their money as the crypto exchange imploded last November. AdvertisementAdvertisementMichael Lewis, who interviewed Bankman-Fried more than 100 times for his biography, wrote that other FTX executives didn't approve of the Anthropic investment.

Persons: FTX, —, Sam Bankman, Lewis Kaplan, Damian Williams, Anthropic, Williams, Fried, Gary Wang, Michael Lewis, Bankman, didn't, Ramnik Arora, Lewis, Sam Organizations: Google, Prosecutors, Service, Amazon Locations: Anthropic, Bankman, Alameda

"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

☆ Sex, Signal messages and sabotage: SBF's top execs and Bahamas roommates tell all in court
▼ + stars: | 2023-10-06 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +13 min

"Sam Bankman-Fried," he said. Wang said that in response to the reporting an emergency meeting was called between Bankman-Fried, Wang and Singh, to discuss shutting down Alameda. On Nov. 12, after FTX declared bankruptcy, Bankman-Fried asked Wang to drive with him to the Bahamas Securities Commission for a meeting. Yedidia said Bankman-Fried had told him, before he began working in the Bahamas in 2019, that he and Ellison had sex. Bankman-Fried asked Yedidia if it was a good idea for them to date, to which Yedidia said no.

Persons: Adam Yedidia, Sam Bankman, Jane Rosenberg, —, Gary Wang, Nicolas Roos, Wang, FTX, Nishad Singh, Caroline Ellison, Mr, Roos, Ellison, Fried, Reuters Wang, District Judge Lewis Kaplan, Singh, Yedidia, Bankman, Sam, Christian Everdell, he's, I'm, Matt Huang, Yuki Iwamura, Huang, Dawn Giel Organizations: Federal Court, Reuters, MIT, U.S, Alameda Research, District, Prosecutors, Bahamas Securities Commission, Massachusetts Institute of Technology, Google, Alameda, United, Paradigm, FTX, Bloomberg, Getty Locations: FTX, New York City, Bahamas, Manhattan, U.S, Alameda, Bahamian, New York, China, Minnesota, FTX's Hong Kong, Nassau, Bankman

☆ The same day SBF promised his hedge fund wasn't getting special treatment, FTX gave it an unlimited line of credit — which other customers didn't get
▼ + stars: | 2023-10-06 | by ( Katie Balevic | ) www.businessinsider.com time to read: +5 min

The same day, the FTX rolled out a feature allowing Alameda to get an unlimited line of credit. Those other accounts signed a line of credit agreement, but Alameda was never required to sign such an agreement, Wang testified. He increased Alameda's line of credit incrementally to a few million, a few hundred million, a billion, and eventually tens of billions. At some point in late 2019 or early 2020, Wang checked Alameda's balance and noticed it was negative. Even doing so, Wang said Alameda's balance was still negative, meaning the money was coming from FTX customers.

Persons: Sam Bankman, Fried, —, FTX, Gary Wang, SBF, Wang, Nishad Singh, Bankman, Caroline Ellison, Sam, FTX's, Adam Yedidia, Yedidia Organizations: Alameda Research, Service, Twitter, Alameda Locations: Alameda, FTX, Manhattan, Bankman, FTT

☆ FTX co-founder Gary Wang agreed to cooperate in Sam Bankman-Fried case in his first meeting with prosecutors: 'I thought I was likely to be charged'
▼ + stars: | 2023-10-06 | by ( Katie Balevic | Jacob Shamsian | ) www.businessinsider.com time to read: +4 min

Gary Wang agreed to cooperate with prosecutors in his first meeting with them. "I thought I was likely to be charged and I wanted to get a shorter prison sentence," he testified Friday. AdvertisementAdvertisementOne of his co-conspirators, he said on the witness stand Friday, was his FTX co-founder Bankman-Fried. On Friday, Wang said he wanted to cooperate with prosecutors because he knew what he did at FTX was wrong. "Customers did not agree for us to use their funds," Wang said.

Persons: Gary Wang, Sam Bankman, —, Fried, Wang, FTX, Bankman, Chelsea Jia Feng, he'd Organizations: Service, MIT, Alameda Research, Prosecutors, US, FBI, Alameda Locations: Manhattan, Bankman, FTX, Alameda, Bahamas

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

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTX's Gary Wang tells court Alameda got 'special privileges' to exchange's funds: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Paul Tuchmann, former federal prosecutor and partner at Wiggin and Dana, discusses possible defense strategies for Sam Bankman-Fried.

Persons: Gary Wang, Alameda, explainers, Paul Tuchmann, Wiggin, Dana, Sam Bankman Organizations: CNBC Crypto, CNBC

☆ Key takeaways from Sam Bankman-Fried’s first week in court
▼ + stars: | 2023-10-06 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

And Alameda was the only FTX customer allowed to carry a negative balance. Christian Everdell and Mark Cohen, attorneys for Sam Bankman-Fried, exit court in New York on Wednesday, Oct. 5, 2023. Star witness coming TuesdayCaroline Ellison, Alameda’s CEO and Bankman-Fried’s on-and-off girlfriend, is expected to take the stand when court resumes on Tuesday. Ellison, 28, is considered the prosecution’s star witness, given her position as the head of Alameda and her personal knowledge of Bankman-Fried’s behavior. According to court documents, when one employee asks who made the decision, Ellison responds: “Um … Sam, I guess.”

Persons: Sam Bankman, Gary Wang, Wang, SBF, Mark Cohen, Fried, FTX, Christian Everdell, Stephanie Keith, Everdell, “ FTX, ” Wang, ” FTX, Caroline Ellison, Ellison, Sam Organizations: New, New York CNN, Alameda Research, Bankman, Alameda, Bloomberg, Getty, “ Locations: New York, Alameda

Eventually, the losses at the hedge fund, Alameda Research, became so large that there was no way to hide them any longer, Wang said in his second day of testimony. “FTX was not fine,” Wang said, referring to the now-infamous tweet that Bankman-Fried wrote only a few days before the exchange filed for bankruptcy in November 2022. Alameda was given these privileges initially because the hedge fund was the primary market maker for FTX's customers in the exchange's early days. The relationship was effectively a two-way street, where the exchange could help out the hedge fund and vice versa as FTX quickly grew between 2019 and 2022. Caroline Ellison, the former girlfriend of Bankman-Fried and CEO of Alameda, is expected to start testifying Tuesday after Wang.

Persons: Sam Bankman, Fried, FTX's, Gary Wang, Wang, “ FTX, ” Wang, FTX, Caroline Ellison Organizations: New, Alameda Research, Prosecutors, Bankman Locations: New York, Bahamas, Alameda

☆ Former FTX developer says he confronted an 'anxious' Sam Bankman-Fried on Bahamas paddleball court while trying to fix bug that led to $8 billion hole
▼ + stars: | 2023-10-05 | by ( Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +8 min

"The numbers seemed large to me," Yedidia testified Thursday in a federal court in downtown Manhattan. In a hut between paddleball courts, Yedidia expressed his concern to Sam Bankman-Fried, the CEO of FTX, who also controlled Alameda Research. AdvertisementAdvertisementA Sam Bankman-Fried, founder and former CEO of crypto currency exchange FTX in a courtroom last year. AdvertisementAdvertisementFormer FTX developer Adam Yedidia leaves after testifying during the trial of former FTX CEO Sam Bankman-Fried at Manhattan Federal Court in New York City. In the Bahamas, top employees and their significant others in both companies shared a $35 million penthouse apartment that Alameda Research paid for.

Persons: Fried, Adam Yedidia, —, Yedidia, FTX, Sam Bankman, Yadidia, Bankman, Jane Rosenberg, Reuters Yedidia, Caroline Ellison, Michael M, Ellison, Gary Wang, Nishad Singh, Singh, Sam, Caroline, I'm Organizations: Alameda Research, Alameda, Service, MIT, rockstar, Reuters, Bankman, Manhattan Federal, FTX, United Arab Locations: Bahamas, Alameda, Manhattan, FTX, Alameda FTX, Bankman, New York City, Saudi Arabia, United Arab Emirates

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

☆ FTX co-founder admits he and Sam Bankman-Fried committed fraud
▼ + stars: | 2023-10-05 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —A key witness for prosecutors in the trial of Sam Bankman-Fried testified that both he and Bankman-Fried committed multiple financial crimes related to their oversight of now-bankrupt crypto exchange FTX. Gary Wang, who co-founded FTX with Bankman-Fried, told jurors — in compliance with an earlier plea deal — that he was guilty of wire fraud, securities fraud and commodities fraud, and that he committed those crimes under the direction of Bankman-Fried. Alameda’s ‘unlimited’ slush fundUnlike regular customers of FTX — a platform for individual investors and institutions to trade crypto — Alameda was allowed to run a negative balance and make “unlimited withdrawals” from FTX customers, Wang said. In response, “Sam said something like, ‘We were bulletproof last year; we’re not bulletproof this year,’” Yedidia told the jury. The $8 billion represented the money that FTX customers would be owed if they decided to withdraw their deposits, Yedidia said.

Persons: Sam Bankman, Fried, Gary Wang, Wang, FTX, haven’t, Mark Cohen, Nicolas Roos, ” Wang, empaneled, ‘, Adam Yedidia, Yedidia, SBF, “ Sam, ’ ” Yedidia, “, Sam, ” Yedidia, MIT undergrads, ” Organizations: New, New York CNN, Alameda Research, Prosecutors, MIT Locations: New York, Alameda, FTX

NEW YORK (AP) — Prosecutors went to the heart of their case against FTX founder Sam Bankman-Fried on Thursday as the company's co-founder began his testimony, telling a New York jury that he and Bankman-Fried committed financial crimes and lied to the public before the cryptocurrency trading platform collapsed last year. Bankman-Fried, 31, who has been jailed since August, was brought to the United States from the Bahamas last December after he was charged in Manhattan federal court. Defense lawyers say Bankman-Fried had no criminal intent as he took actions to try to save his businesses after the cryptocurrency market collapsed. The others are Carolyn Ellison, Alameda Research's former chief executive and a former girlfriend of Bankman-Fried, and Nishad Singh, the former engineering director at FTX. He said he lived with Bankman-Fried and other top executives in June or July of 2022 when he told Bankman-Fried one day that he was concerned that Alameda owed FTX a large debt.

Persons: — Prosecutors, Sam Bankman, Fried, Gary Wang, Fried's, Wang, FTX “, ” Wang, Lewis A, Kaplan, Carolyn Ellison, Nishad Singh, Adam Yedidia, Bankman, “ Sam, ” Organizations: —, New, Alameda Research, FTX, Bankman Locations: New York, Alameda, United States, Bahamas, Manhattan, Bankman, Fried, China, Minnesota, FTX

[1/2] Indicted FTX founder Sam Bankman-Fried arrives at the United States Courthouse in New York City, U.S., July 26, 2023. REUTERS/Amr Alfiky/File Photo Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW YORK, Oct 4 (Reuters) - The jury for Sam Bankman-Fried's trial on charges of stealing billions of dollars from customers of his now-bankrupt FTX cryptocurrency exchange was selected on Wednesday, paving the way for opening statements to start soon. Prosecutors and the defense are expected to lay out their cases shortly in opening statements. They are expected to call three former members of Bankman-Fried's inner circle - former Alameda chief executive Caroline Ellison and former FTX executives Nishad Singh and Gary Wang - to testify against him. Reporting by Luc Cohen in New York Editing by Amy Stevens, Matthew Lewis and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Fried, Amr Alfiky, FTX, District Judge Lewis Kaplan, Joseph Bankman, Barbara Fried, Gabriel Bankman, Donald Trump, Anthony Scaramucci, Caroline Ellison, Nishad Singh, Gary Wang, Kaplan, Ellison, Luc Cohen, Amy Stevens, Matthew Lewis, Nick Zieminski Organizations: FTX, United, REUTERS, District, Wednesday, Stanford Business School, North Railroad, Prosecutors, Stanford Law, U.S, Alameda Research, Alameda, Metropolitan Detention, Thomson Locations: New York City, U.S, York, Manhattan, Brooklyn, New York

☆ Sam Bankman-Fried trial: A jury has been selected and opening statements will soon begin
▼ + stars: | 2023-10-04 | by ( Associated Press | ) www.businessinsider.com time to read: +3 min

A jury was selected in Sam Bankman-Fried's criminal trial on Wednesday. The FTX cofounder is facing seven charges of fraud over the collapse of his cryptocurrency exchange. AdvertisementAdvertisementOpening statements are set to begin Wednesday after a jury was chosen to hear the fraud trial of FTX cofounder Sam Bankman-Fried in New York City. The jury was expected to sit through the duration of a trial projected to last up to six weeks. Some of Bankman-Fried's close associates are expected to testify in the trial, including FTX cofounder Gary Wang and former Alameda Research CEO and Bankman-Fried's on-and-off again girlfriend, Caroline Ellison.

Persons: Sam Bankman, —, Judge Lewis A, Kaplan, Gary Wang, Caroline Ellison, Bankman, Fried, FTX, he'd, Grace Kay Organizations: Service, Alameda Research Locations: New York City, Bahamas, California, Alameda, United States

☆ As police arrived at Sam Bankman-Fried's house, his mom was texting him insisting that he wear long pants to get arrested, instead of his usual cargo shorts
▼ + stars: | 2023-10-04 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried was arguing with his mom over texts from a bathroom when police arrived to arrest him, per Michael Lewis. While SBF's mom wanted him to wear long pants to jail, and he insisted on staying in his cargo shorts. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . With law enforcement in the living room, Lewis writes that Bankman-Fried was in the bathroom tapping away at his phone and arguing with his mom, Barbara Fried. Fried wanted her son to wear long pants as he was taken in, but he was intent on staying in his characteristic cargo shorts.

Persons: Sam Bankman, Fried, Michael Lewis, FTX's, —, Lewis, George Lerner, Sam, Gary Wang, Caroline Ellison, Barbara Fried Organizations: Service Locations: Bahamas

Sam Bankman-Fried Trial appears at Federal Court in New York on Oct. 4th, 2023. Two years later, Julliard stood as the prosecution's first witness in the criminal fraud trial against FTX founder Sam Bankman-Fried, who's accused of misusing billions of dollars in client money. He and thousands of other FTX customers were practically wiped out when the exchange went belly up late last year. Allan Joseph Bankman, father of FTX Co-Founder Sam Bankman-Fried, and Barbara Fried, mother of FTX Co-Founder Sam Bankman-Fried, arrive at court in New York, US, on Wednesday, Oct. 4, 2023. WATCH: Sam Bankman-Fried criminal trial begins in New York

Persons: Sam Bankman, Claudia Johnson Marc, Antoine Julliard, Julliard, who's, FTX, Gisele Bündchen, Fried, Jane Rosenberg, Sam, Mark Cohen, Cohen, Attorney Thane, Rehn, Alameda's, Caroline Ellison, Allan Joseph Bankman, Barbara Fried, Stephanie Keith, Ellison's, Sam Trabucco, Trabucco, Rein, Adam Yedidia, Bankman, Yedida, hadn't, Gary Wang Organizations: Court, FTX, Federal Court, Reuters Defense, Alameda Research, Bankman, Assistant U.S, Attorney, Capitol, U.S, Bloomberg, Getty, MIT, Massachusetts Institute of Technology, Prosecutors Locations: New York, London, Manhattan, FTX, New York City, U.S, Alameda, Attorney Thane Rehn, Rehn

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