Opening statements are set to begin at the fraud trial of FTX founder Sam Bankman-Fried in New York City after a jury was chosen in Manhattan federal court
FILE - FTX founder Sam Bankman-Fried leaves Federal court, July 26, 2023, in New York. Jury selection begins Tuesday, Oct. 3 in a case in which the 31-year-old crypto mogul faces the possibility of a long prison term if convicted. Prosecutors say he cheated thousands of people who deposited cryptocurrency on the FTX exchange by illegally diverting massive sums of their money for his personal use, including making risky trades at his cryptocurrency hedge fund.
They say the California man defrauded thousands of investors and customers in his businesses of billions of dollars by siphoning off their money for his own uses, including financing his businesses, buying real estate and making big political contributions to try to influence government regulation of cryptocurrency.
Attorneys and Judge Lewis A. Kaplan reduced a pool of 45 prospective jurors to a jury of 12 with six alternates just before opening statements were set to start at noon. The jury was expected to sit through the duration of a trial projected to last up to six weeks.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Opening statements set to begin at trial of FTX founder Sam Bankman-FriedOpening statements are set to begin at the fraud trial of FTX founder Sam Bankman-Fried in New York City after a jury was chosen in Manhattan federal court
Read more »
Sam Bankman-Fried FTX trial — five things you need to knowFormer FTX CEO Sam Bankman-Fried begins trial, facing multiple allegations of fraud and conspiracy following the collapse of the cryptocurrency exchange.
Read more »
FTX Founder Sam Bankman-Fried’s Trial: How Did We Get Here?Prosecutors view it as one of the largest financial-fraud cases in U.S. history.
Read more »
FTX's Sam Bankman-Fried Goes on Trial Tomorrow; Ether ETF Race IntensifiesCrypto's biggest trial begins tomorrow and the outcome may hinge on Sam Bankman-Fried's former colleagues. VanEck head of digital assets product Kyle DaCruz discusses plans to roll out its Ethereum futures exchange-traded fund (ETF) as the race for ether (ETH) futures fund heats up. ETF Think Tank research director Cinthia Murphy also weighs in. And, Dexterity Capital managing partner Michael Safai shares his crypto market outlook as the U.S. government avoids a shutdown.
Read more »
FTX’s Sam Bankman-Fried is on trial for fraud and conspiracyDid the Good Boy of crypto break bad?
Read more »