Jury selection to begin in trial of fallen cryptocurrency mogul Sam Bankman-Fried

Published October 2, 2023 10:18 PM

By LARRY NEUMEISTER
Associated Press

NEW YORK (AP) — Sam Bankman-Fried once promoted his FTX digital coin exchange as a safe way for regular people to get into cryptocurrency. Now he faces the start of a criminal trial over allegations that he cheated thousands of customers. Jury selection begins Tuesday in a case in which the 31-year-old crypto mogul faces the possibility of a long prison term if convicted. Prosecutors say he cheated thousands of people who deposited cryptocurrency on the FTX exchange by illegally diverting massive sums of their money for his personal use, including making risky trades at his cryptocurrency hedge fund. Bankman-Fried has acknowledged making mistakes while running FTX, but has insisted he had no criminal intent.

Article Topic Follows: AP National

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.