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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 ,

☆ 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 ,

☆ Sam Bankman-Fried's fraud trial: How Judge Lewis Kaplan has presided in FTX case
▼ + stars: | 2023-10-09 | 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

[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

"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

Sam Bankman-Fried watches as Assistant U.S. Attorney Thane Rehn makes his opening remark in Bankman-Fried's fraud trial over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 4, 2023 in this courtroom sketch. REUTERS/Jane Rosenberg/File Photo Acquire Licensing RightsNEW YORK, Oct 6 (Reuters) - Sam Bankman-Fried's fraud trial kicked off this week, nearly a year after the FTX cryptocurrency exchange he founded declared bankruptcy in a collapse that shocked markets and left the 31-year-old wunderkind's reputation in tatters. Bankman-Fried has pleaded not guilty to charges of stealing billions of dollars in customer funds to prop up his crypto-focused hedge fund, Alameda Research. "Sam and his colleagues were building the plane as they were flying it," Cohen said in his opening statement on Wednesday. "The conversation began with me bringing up the large debt owed by Alameda to FTX and asking something like, 'are things OK?'"

Persons: Sam Bankman, Attorney Thane Rehn, Jane Rosenberg, Fried, Rehn, Mark Cohen, Sam, Cohen, Adam Yedidia, Fried's, Yedidia, Matt Huang, Huang, Gary Huang, Wang, Luc Cohen, Matthew Lewis Organizations: U.S, Attorney, Federal Court, REUTERS, Alameda Research, Manhattan U.S, ALAMEDA, Paradigm, Thomson Locations: Bankman, FTX, New York City, U.S, Thane, Alameda, New York

Prosecutors are calling some FTX customers to testify that they were told their assets were safe, and to share how FTX's collapse affected them. "As the crypto market has recovered, many FTX customers are concluding that they can sell their claim, buy crypto again, and do much better than letting their claim depreciate," said Matthew Sedigh, CEO of Xclaim, a bankruptcy claims exchange. Some creditors Reuters interviewed declined to share evidence of their FTX claims because they contained personal information. 'A GREAT SUPPORT'Looking for answers, FTX creditors have created support groups. Xclaim lists over 2,000 FTX claims for sale, worth around $610 million at last November's crypto prices, Sedigh said.

Persons: Sam Bankman, Eduardo Munoz, Lee Rees, FTX, Rees, doesn't, Fried, scammers, Matthew Sedigh, John Ray, Kroll, ”, Maxime, Marc Antoine, Julliard, …, Sunil Kavuri, Kavuri, Sedigh, Luc Cohen, Michelle Price, Sharon Singleton Organizations: REUTERS, Alameda Research, Reuters, FTX, Thomson Locations: New York, U.S, London, FTX, Washington

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

U.S. Representative George Santos (R-NY) leaves Central Islip Federal Courthouse in Central Islip, New York, U.S., May 10, 2023. Nancy Marks was arrested on Thursday and entered the plea in federal court in Long Island before U.S. District Judge Joanna Seybert, court records showed. The 35-year-old political newcomer has pleaded not guilty and resisted calls to resign for lying about his resume. Marks told the Federal Election Commission in a Jan. 31 filing that she had resigned as Santos' campaign treasurer. Reporting by Luc Cohen in New York; editing by Rami Ayyub and Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

Persons: Representative George Santos, Eduardo Munoz, Nancy Marks, Joanna Seybert, Marks, Santos, Luc Cohen, Rami Ayyub, Bill Berkrot Organizations: Representative, Central Islip Federal, REUTERS, U.S, Federal, Commission, Thomson Locations: Central Islip, Central Islip , New York, U.S, Long Island, Queens, Long, New York

Trump, president from 2017 to 2021, has regularly made sweeping claims of immunity both while in office and since leaving the White House. The U.S. Supreme Court in 2020 spurned Trump's argument that he was absolutely immune from state criminal investigations while president. The judge said Trump's actions leading up to the riot, casting doubt on the election results, were not official responsibilities. The case is one of four criminal prosecutions Trump, 77, faces as he seeks to retake the White House. Trump has asserted that impeachment, where the U.S. Congress can charge and try presidents for misconduct, is the appropriate way to hold presidents accountable for official actions.

Persons: Donald Trump, Letitia James, Caitlin Ochs, Stormy Daniels, Trump, Jack Smith, Mike Pence, Andrew Goudsward, Luc Cohen, Ismail Shakil, Susan Heavey, Scott Malone, Howard Goller Organizations: U.S, Trump Organization, REUTERS, Rights, White, Supreme, Capitol, Republican, Justice Department, Thomson Locations: New York City, U.S, Washington, York, Congress, New York

[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's trial to resume with jury selection, opening statements
▼ + stars: | 2023-10-04 | 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: +2 min

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

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

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

REUTERS/Jane Rosenberg Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW YORK, Oct 3 (Reuters) - Sam Bankman-Fried's father and brother, as well as Donald Trump's former spokesman Anthony Scaramucci, are among possible witnesses at the cryptocurrency exchange founder's fraud trial, according to a list read by a prosecutor in court on Tuesday. There is no guarantee that Scaramucci, Bankman-Fried's father Joseph Bankman or his brother Gabriel Bankman-Fried will testify during the trial, which is expected to last six weeks and kicked off on Tuesday with jury selection. Prosecutor Danielle Sassoon read the list of dozens of names - which included both proposed prosecution and defense witnesses - to see if any prospective jurors knew them. Scaramucci's alternative investment firm SkyBridge Capital once owned a stake in FTX, Bankman-Fried's cryptocurrency exchange which declared bankruptcy in November 2022 amid a flurry of customer withdrawals. The now-bankrupt fund is fully owned by Bankman-Fried and former FTX executive Gary Wang, court filings show.

Persons: Sam Bankman, Fried, Christian Everdell, Jane Rosenberg, Donald Trump's, Anthony Scaramucci, Joseph Bankman, Gabriel Bankman, Danielle Sassoon, District Judge Lewis Kaplan, Bankman, Kaplan, Gary Wang, Nicolas Roos, Caroline Ellison, Nishad Singh, Ellison, Jody Godoy, Luc Cohen, Amy Stevens, Lincoln, Nick Zieminski Organizations: Federal Court, REUTERS, SkyBridge, Alameda Research, District, Insight Partners, Bankman, Manhattan U.S, Thomson Locations: FTX, New York City, U.S, Alameda, Alameda ., New York

REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsOct 3 (Reuters) - Sam Bankman-Fried's fraud trial, which is set to kick off on Tuesday, marks the culmination of a yearlong legal saga stemming from the dramatic collapse of the FTX cryptocurrency exchange he founded. Below is a timeline of key events leading up to the 31-year-old former billionaire's trial. MAY 2019Bankman-Fried and former Google employee Gary Wang found FTX as a new platform to trade crypto tokens and derivatives. Alameda gives crypto lender Voyager Digital a $200 million credit facility, and FTX gives lender BlockFi a $250 million loan. In a post-arrest blog post, Bankman-Fried denies stealing funds and blames FTX's collapse on a broader downturn in crypto markets.

Persons: Sam Bankman, Eduardo Munoz, Gary Wang, Larry David, Fried, CoinDesk, Binance, FTX, Changpeng Zhao, David, Tom Brady, Wang, Caroline Ellison, District Judge Lewis Kaplan, Nishad Singh, Kaplan revokes, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: REUTERS, Massachusetts Institute of Technology, Jane Street Capital, Alameda Research, Google, Forbes, Alameda, NFL, DEC, U.S, District, New York Times, Metropolitan Detention Center, Thomson Locations: New York, U.S, Alameda, Bahamas, Manhattan, United States, Palo Alto , California

Companies Champion Trust Llc FollowNEW YORK, Oct 3 (Reuters) - Sam Bankman-Fried's fraud trial got under way with jury selection on Tuesday, nearly a year after his now-bankrupt cryptocurrency exchange's collapse shocked markets and tattered his reputation. He was dressed in a suit and tie, with his once signature curly, unkempt hair cut into a neater trim. Bankman-Fried's is the highest profile case U.S. prosecutors have so far brought against a former cryptocurrency executive. Prosecutors say Bankman-Fried built that reputation on lies and bolstered it with endorsements from celebrities and star athletes. He will be brought to court early on most days to allow him to prepare with his lawyers.

Persons: Sam Bankman, District Judge Lewis Kaplan, Kaplan, Bankman, Fried, Nicolas Roos, Mark Cohen, Caroline Ellison, Gary Wang, Nishad Singh, Ellison, Jody Godoy, Luc Cohen, Amy Stevens, Lincoln, Nick Zieminski Organizations: District, Alameda Research, Manhattan U.S, Prosecutors, Thomson Locations: Manhattan, FTX, Alameda, New York

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsOct 3 (Reuters) - Former FTX chief operating officer Constance Wang agreed to serve as a witness for U.S. prosecutors in their case against the crypto exchange's founder and former CEO Sam Bankman-Fried, according to Michael Lewis' new book on FTX's collapse. "Going Infinite: The Rise and Fall of a New Tycoon" hit the shelves as Bankman-Fried's criminal trial began in Manhattan on Tuesday. While the U.S. prosecutors have said they plan to call a handful of Bankman-Fried's former inner circle to testify, Wang has not been named among them. Wang joined FTX in 2019 from rival crypto exchange Huobi as its eighth employee, and often accompanied Bankman-Fried to meetings in which Mandarin was spoken, Lewis said. Prosecutors have said they plan to call former Alameda chief executive Caroline Ellison, former FTX technology chief Gary Wang, and former engineering chief Nishad Singh to testify.

Persons: Sam Bankman, Andrew Kelly, Constance Wang, Michael Lewis, FTX, Fried, Wang, Lewis, Caroline Ellison, Gary Wang, Nishad Singh, Hannah Lang, Luc Cohen, Michelle Price, Matthew Lewis Organizations: FTX, Manhattan, REUTERS, Alameda Research, U.S, Prosecutors, Alameda, Thomson Locations: New York City, U.S, Manhattan, Bahamas, Caribbean, Washington, New York

☆ Explainer: What charges does Sam Bankman-Fried face over FTX's collapse?
▼ + stars: | 2023-10-03 | 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: +3 min

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 3 (Reuters) - Sam Bankman-Fried is set to go on trial on Tuesday on fraud and conspiracy charges related to the collapse of FTX, the now-bankrupt cryptocurrency exchange he founded and led. He faces one count of wire fraud, two counts of conspiracy to commit fraud, and one count of money laundering conspiracy over the alleged theft of customer funds. Bankman-Fried faces one wire fraud count and two conspiracy counts over the alleged misrepresentations to investors and lenders. Reporting by Luc Cohen in New York; Editing by Noeleen Walder and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Fried, Amr Alfiky, Caroline Ellison, Ellison, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: United, REUTERS, Alameda Research, Alameda, Prosecutors, Thomson Locations: New York City, U.S, FTX, Bahamas, Alameda, New York

Christopher Kise, a lawyer for Trump, countered in his opening statement that Trump's financials were entirely legal. SIX CLAIMSFormer U.S. President Donald Trump attends the trial of himself, his adult sons, the Trump Organization and others in a civil fraud case brought by state Attorney General Letitia James, at a Manhattan courthouse, in New York City, October 2, 2023. Last week, the judge found Trump, his adult sons and 10 of his companies liable for fraud, describing in scathing terms how the defendants made up valuations. In his testimony, Bender said he relied on information provided by Trump and his companies when compiling Trump's personal financial statements. "The original numbers come from the Trump Organization, and any changes that would have been made at the end would have been approved by the Trump Organization," Bender said.

Persons: Trump, Donald Trump, Letitia James, Donald Jr, Eric, Donald Bender, James, Arthur Engoron, MONA LISA, Kevin Wallace, Christopher Kise, Kise, Alina Habba, Engoron, Mona Lisa, Brendan McDermid, Lago, Wallace, Michael Cohen, Bender, Habba, Cohen, Luc Cohen, Jack Queen, Doina Chiacu, Noeleen Walder, Nick Zieminski, Grant McCool Organizations: New, Trump, Trump Organization, Mazars USA, Republican, New York Democrats, SIX, U.S, REUTERS, Thomson Locations: New York, Manhattan, New, Lago, Florida, American, New York City, Washington, Georgia

Trump's election campaign used the start of the trial for fundraising, saying he was defending his family and reputation from New York Democrats it called "corrupt tyrants." Christopher Kise, a lawyer for Trump, countered in his opening statement that Trump's financials were entirely legal. Former U.S. President Donald Trump attends the trial of himself, his adult sons, the Trump Organization and others in a civil fraud case brought by state Attorney General Letitia James, at a Manhattan courthouse, in New York City, October 2, 2023. Last week, the judge found Trump, his adult sons and 10 of his companies liable for fraud, describing in scathing terms how the defendants made up valuations. The trial will review six additional claims including falsifying business records, insurance fraud and conspiracy, and address how much in penalties the defendants should pay.

Persons: Trump, Donald Trump, Letitia James, Donald Jr, Eric, Donald Bender, James, Arthur Engoron, MONA LISA, Kevin Wallace, Christopher Kise, Kise, Alina Habba, Engoron, Mona Lisa, Brendan McDermid, Lago, Wallace, Michael Cohen, Bender, Cohen, Luc Cohen, Jack Queen, Doina Chiacu, Noeleen Walder, Nick Zieminski, Grant McCool Organizations: New, Trump, Trump Organization, Mazars USA, Republican, New York Democrats, Former U.S, REUTERS, SIX, Thomson Locations: New York, Manhattan, New, Lago, Florida, American, New York City, Washington, Georgia

Christopher Kise, a lawyer for Trump, countered in his opening statement that the financials for Trump and the Trump organization were entirely legal. "It is one of the most highly successful brands in the world, and he has made a fortune literally being right about real estate investments," Kise said. "It's got some of the greatest real estate assets in the world. That included Trump calculating the value of his apartment in Trump Tower as if it were three times its actual size. James accused Trump of "grossly" inflating the values of his assets, and inflated own net worth by as much as $2.2 billion.

Persons: Donald Trump, Kevin Wallace, Letitia James, Trump, Wallace, Christopher Kise, Kise, James, Donald Jr, Eric, It's, Brendan McDermid, Justice Arthur Engoron, Engoron, Michael Cohen, Jack Queen, Doina Chiacu, Noeleen Walder, Cynthia Osterman, Nick Zieminski Organizations: New, Trump, Trump Organization, Democrat, REUTERS, Republican, Thomson Locations: New York, Manhattan, American, New York City, Trump, Lago, Florida, Westchester County , New York, Washington, Georgia

Law Firms Michael R. Becker FollowNEW YORK, Oct 2 (Reuters) - Sam Bankman-Fried will likely defend himself at his fraud trial, due to begin on Tuesday, by arguing he did not think the use by his FTX cryptocurrency exchange of customer funds was improper and by challenging the credibility of those who say otherwise. He has long acknowledged failing to manage risk at FTX, but denied prosecutors' claims he stole billions of dollars in FTX customer deposits to plug Alameda's losses. In September court papers, Bankman-Fried's lawyers said he had a "good faith belief" that the manner in which FTX and Alameda handled customer funds was permissible. Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, arrives at court as lawyers push to persuade the judge overseeing his fraud case not to jail him ahead of trial, at a courthouse in New York, U.S., August 11, 2023. Prosecutors are seeking to play jurors a recording of an Alameda meeting in which Ellison told colleagues that Bankman-Fried approved the use of customer funds.

Persons: Michael R, Becker, Sam Bankman, Fried, FTX, Alameda, Jordan Estes, Estes, Kramer Levin, Eduardo Munoz, District Judge Lewis Kaplan, Caroline Ellison, Gary Wang, Nishad Singh, Tim Howard, Freshfields, Ellison, Wang, Kaplan, Luc Cohen, Amy Stevens, Daniel Wallis Organizations: Alameda Research, New York Times, REUTERS, U.S, Attorney's, District, Alameda, Prosecutors, Thomson Locations: Brooklyn, Bankman, FTX, Alameda, New York, U.S, Manhattan

☆ Bankman-Fried trial poses biggest test to date for crypto's top cop
▼ + stars: | 2023-09-29 | 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: +6 min

Bankman-Fried's will be the first of Williams' blockbuster white collar cases to go to trial. The cases Williams, 43, has brought so far show he has been a "steward" of the SDNY's longstanding priorities, said Kan Nawaday, who overlapped with Williams at the office. Prosecutors had described the cases as the first insider trading cases brought involving digital assets. Williams' charges against Bankman-Fried came just one month after FTX's collapse, which former prosecutors say is very fast for a complex white collar case. WILLIAMS HAS STRUGGLED WITH SELF-DOUBTBankman-Fried's trial comes after some setbacks and amid ongoing challenges for Williams' office.

Persons: Damian Williams, Mike Segar, Sam Bankman, Williams, Charlie Javice, Bill Hwang, Joe Lewis, Javice, Hwang, Lewis, Kan Nawaday, He's, Venable, Prosecutors, Alex Mashinsky, WILLIAMS, SDNY's, John Paul Stevens, General Merrick Garland, Garland, Joe Biden, Bob Menendez, Menendez, Fried, Joshua Naftalis, Pallas, Brian Benjamin, haters, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: Attorney, Southern, of, REUTERS, U.S, Yale Law School, Archegos Capital Management, Supreme, Allianz's U.S, Allianz, Bankman, New, Columbia Law School, Thomson Locations: Manhattan, New York City , New York, U.S, of New York, English, Jersey, Bahamas, Caribbean, New York, Bronx, Georgia

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