Sam Bankman-Fried never received plea offer, prosecutor says as trial kicks off
economictimes.indiatimes.comSam Bankman-Fried and US prosecutors never engaged in talks about a potential plea deal and no such offer was made, a prosecutor said in court on Tuesday ahead of the start of the FTX cryptocurrency exchange founder's fraud trial.
Mark Cohen, a lawyer for Bankman-Fried, confirmed that prosecutor Nicolas Roos was correct that no plea talks were held.
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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.
At the outset of proceedings, U.S. District Judge Lewis Kaplan told Bankman-Fried in open court that it would ultimately be his decision whether or not to ultimately testify in his own defense, and asked Bankman-Fried whether he understood.
«Yes,» Bankman-Fried replied. He was dressed in a suit and tie, with his once signature curly, unkempt hair cut into a neater trim.
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
