FTX'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.
The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.FILE - FTX founder Sam Bankman-Fried leaves Federal court, July 26, 2023, in New York. Jury selection begins Tuesday, Oct.
In just over a half hour of testimony, Wang said he and Bankman-Fried allowed Alameda Research to withdraw unlimited funds from FTX “and we lied to the public.” Wang said he was paid $200,000 in salary, along with owning 10% of Alameda and 17% of FTX, enough shares to be a billionaire before the businesses collapsed.
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