A prosecutor accused FTX founder Sam Bankman-Fried of stealing at least $10 billion from his customers for his own use as opening statements began in a federal court trial in New York City
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.
He said Bankman-Fried told lies to his investors while he spent their money on himself, his friends and family, buying lavish homes and spending millions of dollars on political donations to gain influence in Washington. 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 and making big political contributions to try to influence government regulation of
Seated in the first row at the trial was U.S. Attorney Damian Williams, who said months ago that the fraud surrounding FTX was one of the biggest in U.S. history.
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