Sam Bankman-Fried’s lawyer says FTX investments were not ‘reckless and frivolous’

FTX founder Sam Bankman-Fried’s lawyer on Tuesday said the now-bankrupt cryptocurrency exchange’s investments were not “reckless and frivolous,” pushing back against testimony by a former executive who called its spending on marketing and celebrity endorsements excessive.’s fraud trial on Monday that the company’s venture investments and $1.

“I understood it had business benefits and costs,” Singh said in testimony that defense lawyers could use to argue that Bankman-Fried was making what he believed to be good-faith business decisions in shelling out funds for marketing and investments even if others disagreed. On Tuesday, Singh said K5 also helped Bankman-Fried invest in a tequila brand run by a “famous celebrity,” when asked by Cohen whether the firm was anything more than a relationship broker.

In a lawsuit filed against K5 in June seeking to claw back $700-million, FTX’s current management said a Bankman-Fried-controlled shell company used $214-million in FTX funds to buy a stake in celebrity Kendall Jenner’s 818 Tequila brand at a time when the tequila company’s assets were valued at just $2.94-million.

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