Testimony from FTX founder Sam Bankman-Fried’s “trusted inner circle” of former executives at his collapsed cryptocurrency empire will be used to prove at an October trial that he misappropriated billions of dollars from his investors to fuel his businesses, make illegal campaign contributions and enrich himself, prosecutors said Monday.
Prosecutors made the assertions in papers filed in Manhattan federal court, where Bankman-Fried is charged with defrauding investors in his businesses and illegally diverted millions of dollars’ worth of cryptocurrency from customers using his FTX exchange. He has pleaded not guilty.
