Sam Bankman-Fried Will Take The Stand In Monetary Fraud Trial

Alleged fraudster and Democratic megadonor Sam Bankman-Fried intends to testify at his felony trial on Thursday, his lawyer asserted on Wednesday.

Bankman-Fried taking the stand will open him as much as cross-examination from prosecutors concerning the collapse of his cryptocurrency change FTX, based on CNBC. Bankman-Fried is dealing with seven expenses, together with defrauding FTX prospects and lenders by masterminding a scheme to divert billions of {dollars} to fund marketing campaign contributions, donations to charities and actual property acquisitions. (RELATED: New Guide Claims That Alleged Fraudster Sam Bankman-Fried Thought-about Paying Trump $5 Billion Not To Run For President)

Cryptocurrency titan, Sam Bankman-Fried, founding father of FTX, is about to take the stand to personally defend himself in opposition to accusations of fraud and conspiracy as his crypto empire spectacularly crumbled. In a high-stakes authorized battle, Sam goals to clear his title, and all eyes are on… pic.twitter.com/uaVaeNVukQ

— Nathaniel Dougherty (@D94071Dougherty) October 25, 2023

“We’re going to placed on probably three witnesses, then our shopper can also be going to be testifying,” Bankman-Fried’s lawyer Mark Cohen said, based on The Wall Avenue Journal.

The disgraced crypto tycoon allegedly “misappropriated and embezzled FTX buyer deposits, and used billions of {dollars} in stolen funds for a wide range of functions, together with … to assist fund over 100 million {dollars} in marketing campaign contributions to Democrats and Republicans to hunt to affect cryptocurrency regulation,” in accordance to an August indictment in opposition to him.

Bankman-Fried contributed greater than $39 million to assist Democrat-aligned causes, and was the second-largest particular person contributor to them in the course of the 2022 midterm election cycle, in accordance to The Washington Put up’s evaluation of Federal Election Fee information.

Caroline Ellison, Bankman-Fried’s ex-girlfriend and former CEO of Alameda Analysis, which is the sister hedge fund to FTX, accused him of instructing her to commit fraud concerning FTX and Alameda’s relationship.  She alleged that he put a system in place to allow Alameda to withdraw limitless funds from the cryptocurrency change.

Cohen didn’t instantly reply to the Every day Caller Information Basis’s request for remark.

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