Former crypto billionaire Sam Bankman-Fried faces a prison term of more than 100 years if he's convicted of fraud and money-laundering charges.
Sam Bankman-Fried's trial is set to kick off on Tuesday, with the founder of failed cryptocurrency exchange FTX facing a potential prison term of more than a century if convicted of federal fraud and money-laundering charges. The case also thrusts the emerging crypto trading industry, tarnished by a series of high-profile bankruptcies and questions about investor risks, into the spotlight.
Bankman-Fried from the beginning was improperly shifting FTX customer deposits to cover trades by a hedge fund, Alameda Research, that he controlled, according to the SEC. That included"lavish real estate purchases and large political donations," regulators alleged. That includes Caroline Ellison, the former CEO of Alameda and Bankman-Fried's off-and-on girlfriend, along with FTX co-founder Gary Wang.
Another FTX executive, Ryan Salame, pleaded guilty on Sept. 7 to making illegal campaign donations to Republicans on behalf of Bankman-Fried, who was publicly donating to Democrats. It's not known if Salame will testify against Bankman-Fried.Bankman-Fried has spent the past month and a half jailed in Brooklyn after getting his bail revoked by the judge in his case, who ruled that the crypto exec had tried to interfere with witnesses.
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