Sam Bankman-Fried directed financial crimes and lied about it, FTX co-founder testifies
CBSN
Day four of Sam Bankman-Fried's trial on federal fraud and money-laundering charges featured testimony from FTX co-founder Gary Wang, who relayed how he and the defendant engaged in financial crimes and lied about it.
Hammering home the government's case, Wang, 30, the first of three of the prosecution's star witnesses, told a New York jury on Thursday that he and Bankman-Fried illegally diverted billions from the accounts of FTX customers and investors and "lied to the public" ahead of the cryptocurrency trading platform's collapse last November.
Acknowledging his alleged role in committing wire, securities and commodities fraud while serving as FTX's former chief technology officer and part owner of hedge fund Alameda Research, Wang said that he and Bankman-Fried in 2017 began illegally shifting FTX funds to Alameda and eventually withdrew $8 billion.
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