Sam Bankman-Fried's father, ex-Trump staffer among possible trial witnesses

[BumRushDaShow]

Source: Reuters

October 3, 2023 5:51 PM EDT


NEW YORK, Oct 3 (Reuters) - Sam Bankman-Fried's father and brother, as well as Donald Trump's former spokesman Anthony Scaramucci, are among possible witnesses at the cryptocurrency exchange founder's fraud trial, according to a list read by a prosecutor in court on Tuesday. Scaramucci, Bankman-Fried's father Joseph Bankman and his brother Gabriel Bankman-Fried were on a list of potential witnesses prosecutor Danielle Sassoon read in court during jury selection at the outset of Bankman-Fried's trial in order to see if any prospective jurors knew them.

The list included both proposed prosecution and defense witnesses, and there is no guarantee that those named will testify. The trial, which is expected to last about six weeks, comes nearly a year after FTX's collapse shocked markets and tattered Bankan-Fried's reputation. Selection of the panel of 12 jurors and six alternates is set to continue on Wednesday, followed by opening statements.

Federal prosecutors say Bankman-Fried embezzled from customers at his FTX cryptocurrency exchange since its founding in 2019 until its November 2022 bankruptcy in order to prop up his hedge fund Alameda Research, buy luxury properties and donate more than $100 million to U.S. political candidates. Bankman-Fried has pleaded not guilty to seven counts of fraud and conspiracy.

He has acknowledged inadequate risk management, but denied stealing funds. His lawyers have signaled in court papers they plan to argue that FTX's treatment of customer funds was proper, and that others at FTX and Alameda bore the bulk of the blame for their failure. The defendant's parents - Bankman and Barbara Fried, both Stanford Law School professors - were sued last month by FTX's current management, which accused them of using company funds to enrich themselves. Lawyers for Bankman and Fried called the accusations "completely false."

Read more: https://www.reuters.com/legal/sam-bankman-fried-heads-trial-charges-stealing-billions-ftx-users-2023-10-03/

[FakeNoose]

1. I'm wondering how they're going to explain this so the jury actually understands it

I'm assuming they have non-techie people on the jury, am I right?

[keithbvadu2]

2. The big money return in crypto is:::

The big money return in crypto is:::
1. Starting it, hyping it, and getting out, leaving the
suckers holding the bag.
2. Handling/storing it for others.
...a. Not your own money/crypto. Someone else's money/crypto.
...b. Lots of fraud/money manipulation/theft/lack of regulation.
3. Backed by trust/faith/great promises/optimism... but no
real assets.
4. It can literally disappear and good luck with lawsuits.
------------------
A few have profited by 'investing' but not the majority.

[republianmushroom]

3. Good

[Initech]

4. Why am I not surprised He Who Ruins Everything was involved in this?

[Demovictory9]

5. SBF's father had his hand in the trough. Got his 1st check of 200k salary

Wrote email complaining that he thought he was to be paid a million per year.

Shortly after..10 million was wired to him.