Bankman-Fried’s Fraud Trial Gets Underway.

The trial of disgraced former FTX CEO Sam Bankman-Fried started today in New York City. SBF is accused of fraud and conspiracy to commit fraud. According to a report by CNN, prosecutors claim that SBF stole billions of dollars in customer deposits at FTX to cover enormous losses at Alameda Research, a crypto-driven hedge fund run by his then-girlfriend Caroline Ellison, who pleaded guilty to similar offenses in December of last year. Before its infamous collapse, FTX had developed a well-known reputation by featuring celebrity endorsers such as Tom Brady in Super Bowl commercials. According to an article in Politico, SBF’s trial could have significant ramifications on future legislation regarding the regulation of the industry. Michael Lewis will be smiling somewhere as his book on SBF comes out today; nothing beats a bit of free publicity.