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Sam Bankman-Fried, the founding father of the failed cryptocurrency change FTX, is planning to testify at his prison fraud trial in Manhattan, his lawyer mentioned on Wednesday.
The lawyer, Mark Cohen, confirmed Mr. Bankman-Fried’s plans to take the witness stand at a listening to with prosecutors and the choose overseeing the case, which was held on the final day of a virtually weeklong break within the trial. Mr. Bankman-Fried, 31, might testify as quickly as Thursday, after federal prosecutors are scheduled to name their ultimate witness within the morning after which relaxation their case.
“Our shopper goes to be testifying,” Mr. Cohen mentioned on the listening to.
Mr. Bankman-Fried is charged with orchestrating a sweeping scheme to steal as a lot as $10 billion in deposits from clients of FTX. Prosecutors say that the cryptocurrency mogul then used the cash to finance political contributions, actual property purchases and different lavish spending.
Mr. Bankman-Fried has pleaded not responsible to seven prices of fraud, conspiracy and cash laundering. If convicted, he might face what quantities to a life sentence.
Over the primary three weeks of the trial, prosecutors have referred to as a procession of Mr. Bankman-Fried’s shut pals and colleagues, who’ve testified that the FTX founder lied to clients, traders and lenders concerning the change’s use of buyer cash as he constructed his enterprise empire.
It is a growing information story. Keep tuned for updates.
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