Sam Bankman-Fried Trial Begins as FTX Ads Starring Tom Brady, Larry David Were Presented as Evidence

By Rick Martin Oct 05 2023, 01:08 AM EDT

The Donald Trump fraud trial was not the only big fraud hearing happening in New York, as the trial of disgraced FTX founder Sam Bankman-Fried also kicked off on Wednesday.

The historic fraud case against FTX and its founder kicked off with prosecutors presenting Sam Bankman-Fried as a villain who loved to portray himself as the "Robin Hood of the crypto world." However, instead of giving to the poor, he was only enriching himself.

One of the highlights of the hearing was when prosecutors played several FTX ads that starred big-name celebrities like Tom Brady and Larry David, presenting how great the cryptocurrency company is, according to the Associated Press.

Assistant US Attorney Nathan Rehn made the opening statement for the prosecution, and he pointed out that the man known as SBF seemed to be "on top of the world" as he operated FTX as one of the top cryptocurrency trading platforms. The prosecutor then talked about the defendant's lavish lifestyle, including living in a $30 million apartment in the Bahamas, traveling on private planes, socializing with celebrities, making political donations, and flaunting his money and power.

However, Rehn added, "Sam Bankman-Fried was committing a massive fraud by taking billions of dollars from thousands of victims."

The prosecutor also added that as FTX was collapsing, "he backdated documents and tried to cover up his crimes by deleting messages and ordering employees to automatically delete all messages every month."

FTX Founder Sam Bankman-Fried Pleads 'Good Faith'

As for SBF himself, he did not plead guilty or not guilty to his charges during the trial but instead pleaded "good faith," according to CNA.

He faces seven charges. These include wire fraud and conspiracy. Should the jury find him guilty of all these charges, he could face over 100 years inside bars.

Bankman-Fried's attorney, Mark Cohen, argued that his client did not defraud anybody, nor did he intend to defraud anyone. He then described SBF as a "math nerd who didn't drink or party." He then added, "Sam acted in good faith and made, at the time, what were considered sound business decisions."

First Witness Vs. Sam Bankman-Fried and FTX Testifies

The prosecution also called for its first witness, Marc-Antoine Julliard. He is a London-based commodities broker who usually trades in cocoa beans but decided to diversify into cryptocurrency trading. Like many who invested in FTX, he also lost a ton of money.

The witness testified that he had an "extremely anxious" feeling on the day he unsuccessfully tried to withdraw part of the $100,000 worth of crypto and cash he stored via FTX. He added that he, along with thousands of other FTX customers, had their money wiped out when the crypto exchange went bankrupt last year.

In his testimony, Julliard told the jury that he was given the impression that FTX had "strong financials behind the company." Despite this, however, the cocoa trader still lost $100,000 to the company.

This article is owned by Latin Post.

Written by: Rick Martin

WATCH: FTX's Sam Bankman-Fried is on trial. Here's what you should know: CNBC Crypto World