News - Lawsuit against SBF begins today - This is what you need to know

By Mike Hesp

Lawsuit against SBF begins today - This is what you need to know

Scams, crime and fraud

The crypto trial of the year begins today in the US. FTX founder Sam Bankman-Fried is to stand trial. All you need to know.

The crypto space has waited a long time for this day. Today, Oct. 3, is finally here: the trial of Sam Bankman-Fried will begin. The founder and longtime CEO of the insolvent crypto exchange FTX is to stand trial in the US. The list of accusations is long, those of the victims even longer. The evidence is overwhelming. Prosecutors speak of a "fraud of epic proportions." If convicted, the 31-year-old could face up to 115 years in prison.

Old comrades testify

"The United States v. Samuel Bankman-Fried" is the name of the court file on this case. In recent months, preparations for the trial were in full swing. Hundreds of pages of documents were filed, witnesses identified and indictments updated. SBF's old cronies, such as Caroline Ellision, Gary Wang or Nishad Singh, switched sides. They admitted their guilt early on and now serve the prosecution as crown witnesses. They hope to reduce their own sentences. Some of them also risk decades in prison.

SBF has lawyers from the Eppstein trial

SBF itself is arming itself with absolute top lawyers for the upcoming fight with the U.S. government. "Cohen & Gresser" is the name of the law firm representing the former crypto tycoon in court. Their clients include such well-known companies as Goldman Sachs, Bank of America and L'Oréal.

Lawyers know how to defend publicly unloved personalities. Ghislaine Maxwell's case demonstrates this. The firm represented the French-born woman at Epstein's trial. She was sentenced to 20 years in prison for complicity in sex crimes against minors.

Did SBF's parents help in the fraud?

In addition to SBF, his parents are also responsible. FTX's trustee recently announced serious allegations made against Joseph Bankman and Barbara Fried. The two Stanford University law professors allegedly not only knew about the fraud but were actively involved in it.

How deeply the elite university is involved in the FTX case remains unclear. The fact is: Stanford received several donations from the crypto exchange. When SBF was released on bail in late December, four parties had to sign a guarantee for him. Two of them are his parents. The other two people are Andreas Paepcke and Larry Kramer. Both have worked at the renowned Stanford University and are counted among the family's close friends.

Meanwhile, Stanford is planning for the return donations To FTX.

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