Sam Bankman-Fried stole at least $10 billion, prosecutors say in fraud trial

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Former FTX employee and 'longtime' friend of Sam Bankman-Fried said he quit the crypto exchange after allegations that customer funds had been misused.

Jurors in Sam Bankman-Fried's trial on federal fraud and money-laundering charges will hear more Thursday from the FTX founder's former friend and roommate, Adam Yedidia, who is testifying for the prosecution as the case continues in Manhattan.Bankman-Fried committed 'a massive fraud,' swiping at least $10 billion from thousands of customers and investors to finance outside ventures such as political donations and purchases of luxury real estate, Assistant U.S.

Describing Bankman-Fried as a 'math nerd who didn't drink or party,' Cohen also told the courtroom that 'Sam didn't defraud anyone, didn't intend to defraud anyone.' On the second day of proceedings expected to last six weeks, attorneys and Judge Lewis A. Kaplan winnowed a pool of 45 to a jury of 12, with six alternates, before opening statements began midday.

 

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