The former FTX CEO is expected to testify as soon as Thursday.
October 25, 2023, 11:14 AM
Former FTX CEO Sam Bankman-Fried is expected to testify as soon as Thursday in his own defense, his lawyers signaled during a telephone hearing Wednesday while the trial is paused.
The fraud trial in Manhattan federal court resumes Thursday, when the government is expected to rest its case.
Defense attorneys plan to put on a limited case, including testimony from Bankman-Fried. The former crypto billionaire faces seven counts of fraud, conspiracy and money laundering centered on his alleged use of customer deposits on the crypto trading platform FTX to cover losses at his hedge fund, Alameda Research, and to buy lavish real estate, among other personal expenses.
He has pleaded not guilty to all counts. If convicted, he could face a sentence of up to 110 years in prison.
Bankman-Fried stepped down from his role at FTX in November 2022 amid a rapid collapse that ended with the company declaring bankruptcy. Prosecutors charged Bankman-Fried the following month with an array of alleged crimes focused on a scheme to defraud investors.
This is a developing story. Please check back for updates.
Source: abc news
