Marley Jay is a business news reporter for NBC News Digital.
Facing decades in prison on fraud and money laundering charges, FTX co-founder Sam Bankman-Fried testified that in his own defense on Friday. After his attorneys asked him about how FTX protected customers’ assets, they asked Bankman-Fried if FTX had a risk management department. “We sure should have,” he answered. FTX filed for bankruptcy protection in November 2022 after customers got nervous about its health and began withdrawing their money.
Two other defense witnesses testified before Bankman-Fried did. He then took the stand without the jury present as part of a hearing about what types of evidence would be admissible in court. It's often risky for defendants to testify in their defense in high-profile cases, but Bankman-Fried may not have much to lose.
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