On Friday, October 27, Sam Bankman-Fried took the stand and testified under oath in private for over 5 hours. The former FTX CEO admitted, in his own words, that he made “significant oversights” during his tenure, but stood firm that he did not steal from customers or commit fraud. SBF will take the stand once again on Monday, October 30, as the trial continues.
Ice Miller LLP Partner Jarrod Loadholt joins Yahoo Finance anchors Rachelle Akuffo and Akiko Fujita to discuss the fraud trial, SBF’s initial testimony, and what it means for both sides of the case.
“One of the things I find most interesting is, as someone who has kind of worked in and around FTX’s space, I’ve seen him be an incredibly engaged CEO on everything,” Loadholt says. “And so the idea that that much money was moving between FTX and Alameda Research, which I think is kind of at the core of this case, that he wasn’t aware of it, is hard to believe.”
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