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FTX founder Sam Bankman-Fried testified for the first time during his own fraud trial on Thursday, in what expert onlookers are calling a “hail mary” to rescue himself from conviction.
One of his defenses involved blaming his lawyers for recommending that he structure payments from Alameda to himself and others as loans, rather than dividends. He took comfort in knowing that his lawyers had recommended this method as a means of avoiding double taxation. At one point during cross-examination, Judge Kaplan called on the ex-CEO “listen to the question, and answer the question directly.”
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