{"id":5575,"date":"2023-10-26T09:52:27","date_gmt":"2023-10-26T09:52:27","guid":{"rendered":"https:\/\/infundpros.com\/business\/ftx-founder-sam-bankman-fried-set-to-testify-in-criminal-trial\/"},"modified":"2023-10-26T09:52:27","modified_gmt":"2023-10-26T09:52:27","slug":"ftx-founder-sam-bankman-fried-set-to-testify-in-criminal-trial","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=5575","title":{"rendered":"FTX founder Sam Bankman-Fried set to testify in criminal trial"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=5ced698a-be40-48f4-8678-234a14686752\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>FTX founder Sam Bankman-Fried is expected to begin testifying in his own defence on Thursday, after the government rests its case in the criminal trial over the collapse of his cryptocurrency empire.<\/p>\n<p>The unusual move by the 31-year-old, who faces the prospect of a lifetime behind bars if convicted on charges including wire fraud and money laundering, comes after a New York jury heard several days\u2019 worth of damning testimony from Bankman-Fried\u2019s former colleagues and friends, as well from his ex-girlfriend Caroline Ellison, who pleaded guilty last year and agreed to co-operate with the government.<\/p>\n<p>Defence attorneys tend to advise clients against testifying, fearful of direct questioning from prosecutors. But Bankman-Fried has been keen to present his side of the story ever since crypto exchange FTX collapsed with a multibillion-dollar hole in its balance sheet last November. He has granted multiple interviews to journalists and the author Michael Lewis from his parents\u2019 Californian home before he was jailed for breaching his bail conditions this summer.<\/p>\n<p>After being sworn in, Bankman-Fried will first answer questions under oath from his own lawyers before being cross-examined by prosecutors.<\/p>\n<p>Lawyers for Bankman-Fried are likely to try to elicit testimony in which the former entrepreneur \u2014 who has long claimed he was amassing wealth in order to eventually give it away to charitable causes \u2014 underlines he was acting in \u201cgood faith\u201d before being caught unawares by a sharp downturn in the crypto market and being smeared by a competitor.<\/p>\n<p>\u201cIf he gets on the stand and appears unbelievable or untrustworthy \u2014 or extremely believable, and you see a really sympathetic human side to him \u2014 that could be game-changing,\u201d said Rachel Maimin, a former federal prosecutor in the US attorney\u2019s office that charged Bankman-Fried, who is now in private practice at Lowenstein Sandler. <\/p>\n<p>\u201cIn a case like this where the whole entire case rotates around [Bankman-Fried\u2019s] state of mind and his intent, nobody is able to testify to that better than the person himself,\u201d she added. If jurors are convinced, \u201cit will be the most important evidence in the case\u201d.<\/p>\n<p>In a letter to the judge last week, Bankman-Fried\u2019s lawyers also raised concerns that he was not receiving doses of Adderall, a drug used to treat attention-deficit hyperactivity disorder, while he is in court, arguing that this would impair his ability to testify in his own defence. The court subsequently heard the medication issue had been resolved.<\/p>\n<div class=\"n-content-video n-content-video--internal\">\n<div class=\"n-content-video__placeholder\" data-o-component=\"o-video\" data-o-video-id=\"f7a7fad1-f3ed-41ee-94a7-e1311989aa7e\"><span>Video: FTX: the legend of Sam Bankman-Fried | FT Film<\/span><\/div>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/5ced698a-be40-48f4-8678-234a14686752\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. FTX founder&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-5575","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FTX founder Sam Bankman-Fried set to testify in criminal trial | inFundPros<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.FTX founder Sam Bankman-Fried\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=5575\" \/>\n<meta property=\"og:locale\" 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