Name: Sam Bankman-Fried testifies in his fraud trial
Uploaded: 2023-10-27T09:49:06.749Z
Duration: 1 min 54 s
Description: FTX founder Sam Bankman-Fried testified at his fraud trial, without the jury present, that lawyers at his now-bankrupt cryptocurrency exchange were involved in key decisions at the heart of the case, as he sought to distance himself from responsibility for any wrongdoing.

FTX founder Sam Bankman-Fried testified at his fraud trial, without the jury present, that lawyers at his now-bankrupt cryptocurrency exchange were involved in key decisions at the heart of the case, as he sought to distance himself from responsibility for any wrongdoing. 

New York

Former FTX co-founder Sam Bankman-Fried has been found guilty of defrauding investors and customers.

Bankman-Fried Guilty

Sam Bankman-Fried testifies in his fraud trial

Lawyers for Sam Bankman-Fried in his fraud trial were seen leaving a New York courthouse on Thursday after the FTX founder finally took to the stand to defend himself. In his testimony to the judge without the jury, Bankman-Fried sought to distance himself from responsibility for his now bankrupt cryptocurrency exchange by pointing fingers at FTX lawyers. The 31-year-old former billionaire responded confidently to questions from the defense side. Bankman-Fried said FTX's lawyers were involved in crafting its document retention policies and setting up a system under which the company's customers deposited their funds into an account at his hedge fund Alameda. He said they also took part in crafting loans that he and other executives took from Alameda. But on cross-examination by prosecutors, he often struggled to point to specific conversations in which lawyers approved his actions. U.S. District Judge Lewis Kaplan said several of Bankman-Fried's responses did not directly answer prosecutors' questions, saying, quote, The witness has what I'll simply call an interesting way of responding to questions. Kaplan had ordered Bankman-Fried to give testimony without jurors present so he could determine which portions of it, if any, would be admissible as evidence. Prosecutors have said Bankman-Fried should not be allowed to suggest that the lawyer's involvement in decision-making showed that he lacked criminal intent. Bankman-Fried is accused of stealing billions of dollars from customers. He has insisted he acted in good faith while running FTX and has pleaded not guilty to seven charges of fraud and conspiracy. Bankman-Fried is expected to testify to the jury on Friday. Kaplan said he would decide then whether jurors could hear his testimony about lawyers' involvement.

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Bankman-Fried Guilty