NEW YORK (Reuters) - Sam Bankman-Fried is set to go on trial on charges of stealing billions of dollars from customers of his FTX cryptocurrency exchange starting on Tuesday, nearly a year after the company's collapse shocked markets and tattered his reputation.
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.
Starting at around 9:30 a.m. EDT in Manhattan federal court, U.S. District Judge Lewis Kaplan will ask a pool of New York residents questions about their backgrounds and experiences in an effort to weed out any prospective jurors who may be biased. They have also laid the groundwork to argue that Bankman-Fried believed his exchange was allowed to invest customers' deposits as long as they were ultimately able to take out their funds, and that a series of business failures - not deliberate fraud - left the exchange without enough money to meet withdrawal requests.
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