Sam Bankman-Fried authorized the illegal use of FTX customers' funds and assets to plug financial gaps at an affiliated hedge fund from the exchange's earliest days, FTX's co-founder Gary Wang told a
New York jury Friday, as prosecutors pressed their case that Bankman-Fried was the mastermind behind one of the biggest frauds in U.S. history.
Prosecutors allege that Bankman-Fried, 31, stole billions of dollars from investors and customers in order to fund a lavish lifestyle in The Bahamas and buy the influence of politicians, celebrities and the public. “FTX was not fine,” Wang said, referring to the now-infamous tweet that Bankman-Fried wrote only a few days before the exchange filed for bankruptcy in November 2022.
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Sam Bankman-Fried stole at least $10 billion, prosecutors say in fraud trialFormer FTX employee and 'longtime' friend of Sam Bankman-Fried said he quit the crypto exchange after allegations that customer funds had been misused.
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Former FTX employees expected to testify at Bankman-Fried trialSome of Sam Bankman-Fried\u0027s former co-workers at FTX are expected to testify against him at his fraud trial. CBS News legal analyst Rikki Klieman explains the latest on the case.
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FTX co-founder testifies against Sam Bankman-Fried, saying they committed crimes and lied to publicFTX's co-founder has begun to tell a New York jury that he and Sam Bankman-Fried committed financial crimes and lied to the public before the cryptocurrency trading platform collapsed last year.
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FTX co-founder testifies against Sam Bankman-Fried, saying they committed crimes and lied to publicFTX's co-founder has begun to tell a New York jury that he and Sam Bankman-Fried committed financial crimes and lied to the public before the cryptocurrency trading platform collapsed last year. Gary Wang started testifying in Manhattan federal court late Thursday, the first of three former top executives expected to boost the prosecution's fraud case against the 31-year-old Bankman-Fried. Wang has pleaded guilty to charges and hopes to win leniency at sentencing in return for his cooperation. Bankman-Fried has pleaded not guilty to seven fraud and conspiracy charges in a trial that began Tuesday. His lawyers say he had no criminal intent.
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FTX co-founder testifies against Sam Bankman-Fried, saying they committed crimes and lied to publicFTX's co-founder has begun to tell a New York jury that he and Sam Bankman-Fried committed financial crimes and lied to the public before the cryptocurrency trading platform collapsed last year
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FTX co-founder testifies against Sam Bankman-Fried, saying they committed crimes and lied to publicFTX's co-founder has begun to tell a New York jury that he and Sam Bankman-Fried committed financial crimes and lied to the public before the cryptocurrency trading platform collapsed last year
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