Sam Bankman-Fried has concluded his testimony in his criminal fraud trial, delivering potentially damaging blows to his defense. Closing arguments are set to begin tomorrow.
Sam Bankman-Fried has stepped down from the stand after four days of testimony in his criminal fraud trial .
's latest testimony delivered some of the most potentially damning blows yet to his defence, which was hinged on the narrative that he made honest mistakes as a start-up founder.Court sketch of FTX founder Sam Bankman-Fried on day four of his fraud trial in a New York court. , FTX, as his own personal piggy bank, using the money he took from customers to enrich himself and his family, buy luxury beachfront property in the Bahamas and funnel millions into US political campaigns.
The government has countered that Bankman-Fried was well aware that he was misrepresenting key aspects of his business to investors, customers and lawmakers in Congress. He has pleaded not guilty to seven counts of fraud and conspiracy. In November last year, after FTX had frozen customer withdrawals amid a liquidity crunch, Bankman-Fried offered to open up withdrawals for all Bahamian customers. Bankman-Fried testified he did open those withdrawals "for a short period".
Sam Bankman-Fried FTX Fraud Trial Testimony Defense Closing Arguments
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