(Bloomberg) -- Opening arguments start Wednesday as Sam Bankman-Fried stands trial accused of orchestrating one of the biggest financial frauds in American history. At his peak, was the crypto industry’s golden boy. He had $16 billion and a digital assets empire.Prosecutors will tell the court how Bankman-Fried directed the use of customer funds for trading at sister hedge fund Alameda Research, lavish property purchases in The Bahamas, executive loans and political donations at a time when Cong
ress was grappling with how to best regulate the crypto industry.Charges : Wire fraud, conspiracy to commit wire fraud, securities fraud and commodities fraud, conspiracy to commit money laundering.
Allegations: Ellison joined Alameda Research as a trader in 2018 and climbed the ranks to become CEO. Overseeing the hedge fund, she knew Alameda had access to an unlimited line of credit at FTX that allowed the exchange to borrow customer funds without having to post collateral, she testified at a plea hearing in December, 2022.
Charges : Wire fraud, conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering and campaign finance violations. Allegations: Unlike his colleagues, Salame pleaded guilty but did not agree to testify against Bankman-Fried at trial. Prosecutors allege Bankman-Fried used Salame and other executives as straw donors, making millions in political donations leading up to the 2022 election. Salame, who was a prolific Republican donor, agreed to a $1.55 billion forfeiture order as part of his plea deal in September, 2023.
Previous Cases: Before co-leading the FTX investigation, Sassoon investigated organized crime, sex crimes and union corruption at the office’s violent crimes unit. She prosecuted cult leader Lawrence Ray for the torture and abuse of Sarah Lawrence College students, culminating this year in a 60 year prison sentence. Roos and Sassoon first worked together several years ago on a fraud case against Brooklyn habitual scammer Vitaly Broker over an online glasses scheme.
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