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Sam Bankman-Fried could have FTX fraud trial delayed

Economic Times

Economic Times · 1y ago

Sam Bankman-Fried could have FTX fraud trial delayed

US District Judge Lewis Kaplan is considering delaying the October 3 criminal fraud trial of FTX founder Sam Bankman-Fried due to insufficient time for evidence review. Bankman-Fried's lawyers argued that he didn't have adequate time to go through millions of pages of evidence. The judge raised the possibility of a five-month delay during a virtual hearing. Bankman-Fried faces fraud and conspiracy charges related to the collapse of his cryptocurrency exchange. He's been jailed since August 11 after being accused of tampering with witnesses while on bail. The defense must demonstrate a genuine and unanticipated need for a delay.

Related News

Sam Bankman-Fried prosecutor says Gary Wang's cooperation sped up case

Economic Times

Economic Times · 1y ago

Sam Bankman-Fried prosecutor says Gary Wang's cooperation sped up case

FTX founder Sam Bankman-Fried was charged by US prosecutors due in part to the cooperation of the former chief software engineer of the cryptocurrency exchange, Gary Wang. Wang's assistance was crucial in understanding how Bankman-Fried stole $8 billion in customer funds. Without Wang's help, it would have taken much longer for investigators to uncover the fraud. Bankman-Fried was recently sentenced to 25 years in prison and plans to appeal the conviction. Wang, along with other former FTX employees, pleaded guilty to fraud and testified against Bankman-Fried during the trial.

Sam Bankman-Fried demanded special privileges for Alameda Research: ex-colleague Gary Wang

Economic Times

Economic Times · 1y ago

Sam Bankman-Fried demanded special privileges for Alameda Research: ex-colleague Gary Wang

Gary Wang, a former college roommate and ex-colleague of Sam Bankman-Fried, founder of the FTX cryptocurrency exchange, testified in court during Bankman-Fried's fraud trial. Wang claimed that Bankman-Fried instructed him to grant special trading privileges to the hedge fund Alameda Research, which included a $65 billion line of credit, far larger than what other users could borrow. Alameda had withdrawn $8 billion from FTX before the exchange's bankruptcy in November 2022. Bankman-Fried faces allegations of stealing billions from FTX customer deposits to cover losses at Alameda and other uses, which he denies. Wang is one of three cooperating witnesses in the trial.

Sam Bankman-Fried’s downfall is complete

Livemint

Livemint · 1y ago

Sam Bankman-Fried’s downfall is complete

Sam Bankman-Fried, founder of cryptocurrency exchange FTX, has been convicted on multiple charges of financial fraud, including defrauding customers and lenders, securities fraud, commodities fraud, and money laundering. The trial revealed evidence of FTX's collapse in 2022, with customer funds being misused and withdrawn for personal and venture investments. Former FTX insiders testified against Bankman-Fried, detailing the excessive spending and borrowing that contributed to the downfall of the exchange. Bankman-Fried now faces a maximum sentence of 110 years in jail.

Sam Bankman-Fried stole customer funds from the beginning of FTX, exchange's cofounder tells jury

Economic Times

Economic Times · 1y ago

Sam Bankman-Fried stole customer funds from the beginning of FTX, exchange's cofounder tells jury

Gary Wang, co-founder of FTX cryptocurrency exchange, testified in a New York trial that Sam Bankman-Fried, the CEO of FTX, authorized the illegal use of FTX customers' funds and assets to cover losses at an affiliated hedge fund, Alameda Research. Bankman-Fried allegedly ordered code changes giving Alameda special privileges, including a $65 billion line of credit. Prosecutors claim Bankman-Fried stole billions of dollars to fund a lavish lifestyle. Wang, part of FTX's "inner circle," pleaded guilty to fraud charges and is testifying in exchange for leniency in his case. The trial continues.

Can FTX Be Revived—Without Sam Bankman-Fried?

Wired · 1y ago

Can FTX Be Revived—Without Sam Bankman-Fried?

Pat Rabbitte, a former customer of the now-bankrupt crypto exchange FTX, dismisses founder Sam Bankman-Fried's reputation, stating, "He's not that remarkable." Rabbitte is among many creditors seeking to recover funds from FTX's bankruptcy. Some creditors have formed the FTX 2.0 Coalition and are considering restarting FTX without Bankman-Fried. The exchange, once valued at $32 billion, crumbled, leading to charges of conspiracy and fraud against Bankman-Fried. The trial will likely rekindle the debate about his legacy, while creditors aim for a faster and fuller recovery.

Sam Bankman-Fried appeals FTX fraud conviction, 25-year sentence

Economic Times

Economic Times · 1y ago

Sam Bankman-Fried appeals FTX fraud conviction, 25-year sentence

Sam Bankman-Fried is appealing his conviction and 25-year prison sentence for stealing $8 billion from customers of FTX cryptocurrency exchange. The appeal will be made to the 2nd US Circuit Court of Appeals. Bankman-Fried, once a billionaire crypto entrepreneur, was convicted in November on seven counts of fraud and conspiracy. His appeal could take years, and his lawyers will need to argue that significant errors were made during the trial. Bankman-Fried's downfall came when FTX declared bankruptcy after customers panicked over reports of misappropriated assets.

Sam Bankman-Fried won’t face a second criminal trial

Livemint

Livemint · 1y ago

Sam Bankman-Fried won’t face a second criminal trial

Federal prosecutors have announced that they will not pursue additional criminal charges against Sam Bankman-Fried, founder of FTX, apart from the existing charges related to fraud. This decision clears the path for his sentencing on March 28. Prosecutors believe that the evidence from the first trial is sufficient to consider additional alleged conduct in determining Bankman-Fried's sentence, which could include restitution for the victims of his crimes. Bankman-Fried was convicted on seven criminal counts for stealing billions of dollars from customers of his collapsed crypto exchange.

FTX Founder Sam Bankman-Fried Has Been Found Guilty of Fraud

Wired · 1y ago

FTX Founder Sam Bankman-Fried Has Been Found Guilty of Fraud

Sam Bankman-Fried, the founder of bankrupt crypto exchange FTX, has been found guilty of fraud by a jury in New York. He was convicted on all seven counts, including overseeing a multi-billion-dollar fraud whereby money from FTX customers was used for high-risk trades, debt repayments, personal loans, and political donations. The US Department of Justice views this conviction as a significant victory and a message to the crypto industry that fraud will not be tolerated. Bankman-Fried awaits sentencing and will face a second trial on additional charges in 2024.

Fourth top FTX executive pleads guilty ahead of Sam Bankman-Fried trial

Economic Times

Economic Times · 1y ago

Fourth top FTX executive pleads guilty ahead of Sam Bankman-Fried trial

Ryan Salame, a former top executive at cryptocurrency exchange FTX, has pleaded guilty to criminal charges related to a fraud case against FTX's founder, Sam Bankman-Fried. Salame admitted to making millions in political contributions at Bankman-Fried's direction, labeling them as loans from FTX's sister company, crypto hedge fund Alameda Research. He will pay a $6 million fine, over $5 million in restitution to FTX, forfeit two properties, and could face up to 10 years in federal prison. Salame is the fourth executive in Bankman-Fried's circle to admit to criminal conduct, putting pressure on Bankman-Fried ahead of his trial next month.

Dethroned crypto king Sam Bankman-Fried to be sentenced for defrauding FTX investors

Economic Times

Economic Times · 1y ago

Dethroned crypto king Sam Bankman-Fried to be sentenced for defrauding FTX investors

Former crypto mogul Sam Bankman-Fried faces potential decades in prison for his involvement in the collapse of FTX. Bankman-Fried was convicted of fraud and conspiracy and was found to have illegally used money from FTX depositors for personal expenses. Prosecutors are recommending a prison sentence of 40 to 50 years. Bankman-Fried's attorneys argue for leniency, claiming he is unlikely to reoffend and that FTX investors have largely recovered their funds. The collapse of cryptocurrency prices in 2022 took a toll on FTX, leading to its downfall. Three others connected to Bankman-Fried pleaded guilty and testified against him.

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