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AdvertisementAdvertisement"Part of the problem is that the witness has what I'll simply call an interesting way of responding to questions," Kaplan said during the hearing. AdvertisementAdvertisementWhen Sassoon asked Bankman-Fried directly if he discussed spending FTX customer deposits with his lawyers, he took a long pause and looked down before he answered the question. Sassoon, questioning Bankman-Fried on the witness stand, asked Bankman-Fried to be more explicit about why he thought that explanation was acceptable. Asked directly by Sassoon if it was OK to steal customer funds, Bankman-Fried rejected that interpretation of events. Sassoon made that clear on Thursday as Kaplan asked for a broad timeline of the rest of the trial.
Persons: Sam Bankman, Fried, , Lewis Kaplan, Kaplan, Mark Cohen, Danielle Sassoon, Sassoon, Bankman, Chelsea Jia Feng, I'm, Cohen, grumbled, Barbara Fried, " Cohen Organizations: Service, Alameda Research Locations: Manhattan, FTX, Alameda
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
Sam Bankman-Fried will take the stand in his criminal trial, his lawyer said. AdvertisementAdvertisementSam Bankman-Fried plans to take the witness stand to testify in his own defense in the criminal fraud trial over FTX's collapse, according to his attorney Mark Cohen. In a hearing in federal court in downtown Manhattan Wednesday, Cohen said he would call three witnesses in Bankman-Fried's defense case, and then Bankman-Fried himself would testify. Prosecutors said they would bring two more witnesses before resting, turning things over to Bankman-Fried's lawyers to make their defense case. Earlier in the trial, Bankman-Fried's attorneys appeared to go back and forth on whether the FTX cofounder would take the stand.
Persons: Sam Bankman, , Fried, Mark Cohen, Cohen, Prosecutors, Bankman, Caroline Ellison, Ellison, Eric Chaffee, Lewis Kaplan, Kaplan, Richard Painter, George W, Bush, Painter Organizations: Service, Prosecutors, Case Western Reserve University, University of Minnesota, White House Locations: Manhattan, Bankman, FTX
Circuit Court of Appeals in Manhattan challenged Trump's lawyer Michael Madaio during oral arguments in Trump's appeals of pivotal rulings by U.S. District Judge Lewis Kaplan. Carroll's lawyer Joshua Matz rejected any suggestion that Trump could not waive absolute immunity because "broader structural considerations" were at play. "A party who believes that they are holding onto absolute immunity from suit does not behave the way that Mr. Trump behaved it his case." The appeals court did not say when it will rule. The appeals court could order Trump to pay damages and costs if it ends up agreeing with the judge.
Persons: Jonathan Stempel, Donald Trump, E, Jean Carroll, Michael Madaio, District Judge Lewis Kaplan, Madaio, Carroll, Trump, Kaplan, Denny Chin, Chin, Judge Kaplan, Joshua Matz, Matz, Joe Biden, Letitia James, Will Dunham Organizations: U.S, Circuit, District, Elle, Trump, CNN, Republican, Democratic, New York Locations: Manhattan, midtown Manhattan, New York
Sam Bankman-Fried needs to decide soon whether he'll take the witness stand in his criminal trial. AdvertisementAdvertisementCaroline Ellison testified in the trial of her ex-boyfriend, Sam Bankman-Fried JANE ROSENBERGFor that reason, the case against Bankman-Fried rests on the credibility of his alleged co-conspirators. In their own questioning of the cooperating witnesses, prosecutors have encouraged them to be open about taking responsibility for their crimes. Court sketch of Sam Bankman-Fried on the first day of his trial JANE ROSENBERG/ReutersIf Bankman-Fried takes the stand, he'll be cross-examined by prosecutors. If Bankman-Fried takes the stand, prosecutors will almost certainly point to more material and catch him in any contradictions.
Persons: Sam Bankman, he'll, he's, , They're, Fried, Mark Cohen, Lewis Kaplan, who's, Cohen, He's, Caroline Ellison, Gary Wang, Nashad Singh, Sarah Krissoff, Cozen O'Connor, FTX, Mary Altaffer, Kaplan, Paul Tuchmann, Wiggin, Dana, Tuchmann, Adam Yedidia, Fried JANE ROSENBERG, Ellison, Wang, Singh, Bankman, Wang forthrightly, Ellison teared, slovenliness, Prosecutors —, Krissoff, JANE ROSENBERG, hedged, didn't, Judge Kaplan's, SBF Organizations: Service, Defense, US, Alameda Research, Former Alameda Research, AP, Prosecutors, Toyota Corolla, Reuters, ABC News, Alameda . Locations: Manhattan, Alameda, New York, FTX
Singh said another FTX executive had told him the deals were meant to help spur user growth. 'I WAS A STRAW DONOR'Bankman-Fried's trial, which started on Oct. 3, has so far focused largely on how prosecutors say Bankman-Fried allowed Alameda to plunder FTX customer funds. Singh gave jurors a window into Bankman-Fried's political operation. He said another FTX executive, Ryan Salame, had access to his bank account to make donations via wire transfers. "I knew that the money for those donations was coming from customer funds."
Persons: Sam Bankman, Andrew Kelly, Fried, Nishad Singh, Bankman, Singh, Tom Brady, Gisele Bundchen, Steph Curry, Larry David, Katy Perry, Orlando Bloom, Michael Kives, Hillary Clinton, FTX, Gary Wang, Caroline Ellison, Alameda's, Gabriel, Gabriel Bankman, Ryan Salame, District Judge Lewis Kaplan, Luc Cohen, Matthew Lewis, Stephen Coates Organizations: FTX, Manhattan, REUTERS, Alameda Research, U.S, Democratic, Prosecutors, Alameda, Miami Heat's, District, Monday, Thomson Locations: New York City, U.S, Alameda, Fried, . U.S, New York
REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW York, Oct 16 - The jury at Sam Bankman-Fried's fraud trial on Monday saw a photograph of the FTX cryptocurrency exchange founder with singer Katy Perry and actor Orlando Bloom at the 2022 NFL Super Bowl. Singh is the third former member of Bankman-Fried's inner circle to testify at the trial, which started on Oct. 3. Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy tied to FTX's November 2022 collapse. Singh said another FTX executive had told him the deals were meant to help spur user growth. Since his trial, Bankman-Fried has been seen during testimony typing on a laptop and whispering to his lawyers.
Persons: Sam Bankman, Andrew Kelly, Katy Perry, Orlando Bloom, Prosecutors, Nishad Singh, FTX's, Singh, Gary Wang, Caroline Ellison, Alameda's, Fried, Perry, Michael Kives, Tom Brady, Gisele Bundchen, Steph Curry, Larry David, District Judge Lewis Kaplan, Kaplan, Luc Cohen, Nick Zieminski Organizations: FTX, Manhattan, REUTERS, Bowl, Alameda, Miami Heat's, District, Bankman, Prosecutors, New York Times, Brooklyn's Metropolitan Detention Center, Thomson Locations: New York City, U.S, Los Angeles, Brooklyn's, New York
"Bankman-Fried has been doing his best to remain focused during the trial for the past two weeks, despite not having his prescribed dose of Adderall during trial hours," continues the letter to the court. "Mr. Bankman-Fried has a history of Major Depressive Disorder and Attention Deficit Hyperactivity Disorder," Lerner wrote. Lerner added in his letter that Bankman-Fried had tried other antidepressants but said they were ineffective for his symptoms. Without his medication, Lerner warned the judge, "Bankman-Fried will experience a return of his depression and ADHD symptoms and will be severely negatively impacted in his ability to assist in his own defense." For nearly a year, there's been a nationwide shortage of Adderall, the popular stimulant used to treat ADHD.
Persons: Sam Bankman, District Judge Lewis Kaplan, Fried, Mark Cohen's, Judge Kaplan, Cohen, Bankman, Caroline Ellison, meds, George Lerner, Lerner, there's Organizations: U.S, District, Government, U.S . Food, Drug Administration Locations: Bahamas, U.S
Sam Bankman-Fried's defense attorneys say he doesn't have enough Adderall. Before the trial began, they had written to the judge asking for "uninterrupted access" to the drug. AdvertisementAdvertisementProsecutors in Sam Bankman-Fried's trial raise concerns about the former cryptocurrency mogul's repeated requests for more Adderall during his criminal trial, claiming in court Monday that his doctor "has engaged in some suspect practices." AdvertisementAdvertisementBut, as Bankman-Fried's attorneys revisited their medicinal complaint in court on Monday, the prosecution accused them of using a sham doctor who overprescribes to patients. When Bankman-Fried's lawyers suggested stopping the trial until then, Kaplan refused.
Persons: Sam Bankman, SBF, , mogul's, Danielle Sassoon, Lewis Kaplan, overprescribes, Sassoon, Mark Cohen, Fried, Cohen, Kaplan, hasn't Organizations: Service, US, Bureau of Prisons, Metropolitan Detention Center, Marshalls, Federal Bureau of Prisons Locations: Brooklyn
SBF's lawyers are petitioning the court to grant him access to more Adderall during his trial. AdvertisementAdvertisementSam Bankman-Fried's lawyers say the embattled FTX founder needs more Adderall so he can concentrate during his ongoing criminal trial. The lawyers wrote that Bankman-Fried had only been given a dose of Adderall in the early mornings before he arrived at court for his criminal trial. Bankman-Fried's legal team proposed in the letter that their client be given an extended-release dose of Adderall before he is taken to court on Monday. The criminal trial against the disgraced crypto entrepreneur began on October 3.
Persons: wouldn't, , Sam Bankman, Fried, Lewis Kaplan, Kaplan, Mark Cohen, Bankman Organizations: Service, The New Yorker, Bankman, Metropolitan Detention, Prosecutors, Alameda Research Locations: Brooklyn, Alameda
Ellison wore a gray blazer and carried a Poland Spring water bottle to and from the witness stand. She did not look at Bankman-Fried in any of the instances when she passed him at the defense table. Bankman-Fried spent much of Ellison's testimony typing on a laptop or whispering to his defense lawyers. Three of the jurors appeared to close their eyes at times as Sassoon quizzed Ellison about spreadsheets showing Alameda's assets and liabilities. Reporting by Luc Cohen in New York; Editing by Noeleen Walder and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.
Persons: Caroline Ellison, Sam Bankman, Ellison, District Judge Lewis Kaplan's, Fried, Kaplan, Joseph Bankman, Barbara Fried, Danielle Sassoon, Sassoon quizzed Ellison, We'll, " Sassoon, Luc Cohen, Noeleen Walder, Matthew Lewis Organizations: Alameda, Federal Court, Reuters, Alameda Research, District, The Stanford University, Stanford Law, Thomson Locations: New York City, U.S, Alameda, New York
SBF’s Behavior in Court Gets Called Out
  + stars: | 2023-10-12 | by ( ) www.wsj.com   time to read: 1 min
Caroline Ellison is questioned in court as Sam Bankman-Fried watches during his fraud trial before U.S. District Judge Lewis Kaplan. (Jane Rosenberg/Reuters)In a sidebar during the trial Wednesday, a federal prosecutor complained about Sam Bankman-Fried's behavior during Caroline Ellison's testimony, saying it might have a visible effect on her. "The defendant has laughed, visibly shaken his head, and scoffed," said Assistant U.S. Attorney Danielle Sassoon. The prosecutor added that he had a history of intimidating Ellison, who dated Bankman-Fried on and off over two years.
Persons: Caroline Ellison, Sam Bankman, Fried, District Judge Lewis Kaplan, Jane Rosenberg, Caroline Ellison's, Danielle Sassoon, Ellison Organizations: U.S, District
Caroline Ellison testified that Sam Bankman-Fried paid millions in bribes to Chinese officials. AdvertisementAdvertisementCaroline Ellison testified at Sam Bankman-Fried's criminal trial Wednesday that she believed the disgraced crypto mogul paid "in the ballpark of $100 million" in bribes to Chinese government officials. When Alameda paid what I believe was a large bribe to Chinese government officials to get our accounts unlocked," Ellison said. AdvertisementAdvertisement"My impression is that they were unfrozen by paying a bribe," Ellison testified Wednesday. In it, Ellison listed "$150 million for the thing" among other big events for Alameda Research in 2021.
Persons: Caroline Ellison, Sam Bankman, Fried, Ellison, , Danielle Sassoon, David Ma, Ma, commingling, Lewis Kaplan, Kaplan Organizations: Service, Alameda Research, Alameda, Prosecutors, Bankman Locations: Alameda, China, Manhattan, California
Eventually, according to Ellison, Bankman-Fried chose the one that omitted a line saying "FTX borrows," hiding $10 billion in borrowed customer money. When asked by Sassoon why she continued with the scheme, Ellison said, "Sam told me to." She said Bankman-Fried told her she should have hedged and, "speaking loudly and strongly," said it was her fault. CEO Sam Bankman-Fried Bloomberg | Bloomberg | Getty ImagesEllison then went into her own emotional state. After all the movement of FTX money, the company only had $4 billion to cover $12 billion in customer holdings, she said.
Persons: Caroline Ellison, Yuki Iwamura, Sam Bankman, Saudi Crown Prince Mohammed bin Salman, Ellison, Fried, Danielle Sassoon, Genesis, Gary Wang, Nishad Singh, Bankman, FTX, Mark Cohen, District Judge Lewis Kaplan, Jane Rosenberg, Sassoon, Sam, Mohammed bin Salman, Jane Street, Slack, she'd, who'd, sloppily Organizations: Alameda Research, Bloomberg, Getty, Saudi Crown, U.S, District, Federal Court, Reuters, Stanford, Bankman, Wall, Alameda, New York Times, MBS, Vox, Forbes, Twitter, Toyota Corolla, Fried Bloomberg Locations: New York, Bankman, Alameda, FTX, New York City, U.S, San Francisco Bay, Saudi, Japan
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 ,
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
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 ,
[1/2] U.S. District Judge Lewis Kaplan presides over the fraud trial of Sam Bankman-Fried over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 3, 2023 in this courtroom sketch. Last year, he presided over a civil trial in which the actor Kevin Spacey defeated a sexual abuse claim. When one prospective juror said they did not understand how cryptocurrency works, Kaplan said, "You probably have a lot of company in this courtroom." Several times during the first three days of testimony, Kaplan urged defense lawyers to move more quickly as they asked prosecution witnesses questions he deemed repetitive. Before the trial began, Kaplan issued several key rulings against the defense, including excluding some of their proposed expert witnesses and barring them from making certain arguments at trial.
Persons: District Judge Lewis Kaplan, Sam Bankman, Jane Rosenberg, District Judge Lewis, levity, Kaplan, Fried, Bill Clinton, Donald Trump, Jean Carroll, Kevin Spacey, Tom Brady, David Lisner, Matt Huang, You've, Caroline Ellison's, Luc Cohen, Amy Stevens, Lisa Shumaker Organizations: U.S, District, Federal Court, REUTERS, Harvard Law School, New, Thomson Locations: FTX, New York City, U.S, Manhattan, Staten, New York
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
"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
[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
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 RightsNEW YORK, Oct 4 (Reuters) - Sam Bankman-Fried's trial on charges of stealing billions of dollars from customers of his now-bankrupt FTX cryptocurrency exchange is set to resume on Wednesday, with the judge aiming to finish selecting a jury and move on to opening statements. That would pave the way for prosecutors and the defense to proceed to opening statements, in which each side would lay out their case. Bankman-Fried has pleaded not guilty and is likely to argue that while he failed to adequately manage risk, he did not steal money. Reuters GraphicsReporting by Luc Cohen in New York Editing by Amy Stevens and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.
Persons: Sam Bankman, Fried, Amr Alfiky, FTX, District Judge Lewis Kaplan, Caroline Ellison, Nishad Singh, Gary Wang, Kaplan, Ellison, Luc Cohen, Amy Stevens, Matthew Lewis Organizations: United, REUTERS, District, Prosecutors, U.S, Alameda Research, Alameda, Metropolitan Detention, Thomson Locations: New York City, U.S, Manhattan, Brooklyn, New York
Yedidia insisted on immunity to testify because he was worried he may have facilitated a crime. AdvertisementAdvertisementBefore Adam Yedidia could testify against Sam Bankman-Fried at the FTX cofounder's criminal trial, he needed reassurances. AdvertisementAdvertisementThis courtroom sketch shows Adam Yedidia, former FTX and Alameda Research employee and former friend of Sam Bankman-Fried, testifying, Wednesday, Oct. 4, 2023. In 2017, he worked at Alameda Research for two months as a trader before leaving to pursue a PhD. Yedidia said he lived in a $35 million penthouse apartment in the Bahamas, which he said Alameda Research purchased at Bankman-Fried's direction.
Persons: Sam Bankman, Adam Yedidia, Yedidia, , Fried, Elizabeth Williams, Lewis Kaplan, who's, Caroline Ellison, Gary Wang, Prosecutors, Wang, Yedida Organizations: Service, Prosecutors, Alameda Research, AP, MIT Locations: Alameda, Manhattan, FTX, Bankman, Bahamas
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