All articles tagged with #criminal fraud trial
Barbara Fried, the mother of Sam Bankman-Fried, stood by her son during his criminal fraud trial, often watching him from a railing just inches away. Despite her proximity, she was unable to intervene or prevent the conviction that many anticipated.
Sam Bankman-Fried, founder of the failed FTX cryptocurrency exchange, denied knowing about the misappropriation of billions of dollars in customer money until shortly before the company collapsed during his criminal fraud trial. Bankman-Fried fumbled for answers when questioned about directing employees not to spend customer money on investments and expensive purchases. Both sides rested their case, and closing statements are scheduled for Wednesday. Bankman-Fried has been accused of orchestrating a fraud scheme to steal up to $10 billion from FTX customers and using the funds for personal expenses and to support another crypto trading firm he founded.
Sam Bankman-Fried's lawyers claim that his prescribed dose of Adderall wears off before his criminal fraud trial begins, impacting his ability to focus and potentially participate in the defense case. They have proposed a solution of receiving an extended-release dose in the morning, but it is unclear if the jail will provide it in time. The lawyers have also requested permission to administer Adderall in court. Meanwhile, prosecutors called a former FTX chief engineer to testify, who criticized Bankman-Fried's excessive spending during his time as CEO of FTX and Alameda Research.