| Sam Bankman-Fried committed massive fraud by stealing “billions of dollars from millions of customers” of his cryptocurrency exchange FTX, prosecutors alleged in opening arguments on Wednesday in his hotly anticipated fraud trial.$US30 million apartments
“It’s not a crime to be the CEO of a company that goes into bankruptcy,” he told the federal court in Manhattan.The competing arguments kicked off what is expected to be a closely watched six-week trial to decide the fate of the former billionaire who, until recently, was one of the most influential figures in. The MIT graduate faces a maximum prison term of 20 years for each of the five most serious charges against him.
Prosecutors said Mr Bankman-Fried was in fact “taking customer deposits and spending it for himself” and allowing secret transfers to his hedge fund Alameda Research. Secret messages that Mr Bankman-Fried thought he had deleted would be presented to the court, along with the testimony from ex-girlfriend Caroline Ellison, who was the CEO of Alameda Research.
Mr Cohen told the 12-member jury that the government was presenting a “hindsight” style case where they look back on what has happened and assume there was a crime.He defended allegations that Mr Bankman-Fried was secretly sending customer funds to prop up his struggling Alameda Research, saying Alameda was a customer who took loans from FTX in the same way any other customer did.
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