Sam Bankman-Fried arrives at Manhattan Federal Court in July 2023.
rom accusations of bribing officials and falsifying financial documents to shadowy political influence campaigns and penthouse confrontations between billionaires: the criminal federal trial of Sam Bankman-Fried has covered an immense amount of ground over the last month.
This borrowed money was then deployed across the world, alleged Professor Peter Easton, an accounting professor at Notre Dame and expert witness called by the prosecution. During his testimony, Easton displayed analysis that appeared to show that billions of customer funds were taken and reinvested in Bahamian real estate , crypto startups, and political contributions.
Meanwhile, his collaborators testified that FTX had previously given outsiders a misleading view of their finances. Former FTX engineering director Nishad Singh said that at the end of 2021, Bankman-Fried had asked him to create backdated financial statements in order to get the exchange’s yearly revenue over $1 billion. Bankman-Fried denied directing him to backdate documents, but admitted to signing his name to a related contract many months after the contract’s listed date.
But Ellison, Singh and Wang all testified against Bankman-Fried under cooperation agreements with the government, and did not hold back in their criticism of FTX or Bankman-Fried. Singh said that by time FTX was on the brink of collapse, he had become suicidal and was feeling extreme guilt about his role in the organization: “I knew that I was becoming party and participating in something heinously criminal.
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