Sam Bankman-Fried never received plea offer, prosecutor says as trial kicks off
© Reuters. FILE PHOTO: Indicted FTX founder Sam Bankman-Fried leaves the United States Courthouse in New York City, U.S., July 26, 2023. REUTERS/Amr Alfiky/File Photo
Federal prosecutors say the 31-year-old former billionaire embezzled from FTX customers since its founding in 2019 through 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. The first step in the trial will be selecting the 12-member jury that will ultimately weigh those competing narratives in deciding whether to convict Bankman-Fried.
The trial is expected to last up to six weeks. It will feature testimony from three former members of Bankman-Fried's inner circle who have pleaded guilty to fraud charges themselves and agreed to cooperate with the Manhattan U.S. Attorney's office.
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