10:40 a.m.: Delving into Reckless Expenditure
The trial of Sam Bankman-Fried, the renowned figure facing allegations of stealing billions from FTX customers, is in full swing. Mark Cohen, the lead attorney representing Bankman-Fried from Cohen & Gresser, initiates the cross-examination by probing Nishad Singh, the former FTX engineering director, about the perceived recklessness of the defendant’s spending habits.
Cohen delves into Bankman-Fried’s $250 million endorsement deal with the Miami Heat and questions its promotional value for the FTX brand. Singh acknowledges that the deal had both business benefits and costs, emphasizing the defendant’s role in weighing these factors.
Continuing the inquiry, Cohen turns his attention to the lavish Bahamas apartment shared by Singh, Bankman-Fried, and other top FTX executives. Singh previously expressed his belief that the apartment was extravagant and costly. However, Cohen challenges this perception, considering the significant wealth of all residents.
