FTX founder Sam Bankman-Fried told the jury Monday he confronted Caroline Ellison with concerns Alameda Research could become insolvent.
Tuesday, October 31, 2023 2:00AMtestified before a jury Monday at his federal fraud and conspiracy trial that he wanted FTX customers to trust him.Bankman-Fried is on trial for what federal prosecutors have described as "one of the biggest financial frauds in American history.
"This was just for PR," Sassoon said. "In private you said things like 'f--- regulators,' didn't you?"Prosecutors confronted Bankman-Fried with tweets, emails and interview responses in which he insisted the FTX account for Alameda Research -- his companion hedge fund -- was just like everyone else's with no special access, privileges or rules.
Bankman-Fried conceded at trial that he was not walled off from Alameda's trading decisions. "And you understood it was important to tell the truth?" Sassoon asked. Sassoon then asked a series of questions about Bankman-Fried's appearances on Capitol Hill when he pitched FTX as safe and reliable, his interviews and his interactions with FTX customers on social media that convinced them to park as much as $15 billion in assets on his crypto exchange.
She also testified earlier this month that Bankman-Fried thought there was a "5% chance he would become president," and that he believed in utilitarianism and thought rules against lying or stealing inhibited his ability to maximize the greatest benefit for the most people. Earlier this month, prosecutors explored Bankman-Fried's unusual living arrangements and the luxurious lifestyle he'd been living in the Bahamas that was allegedly paid for, illegally, with customer and investor money.
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