As Sam Bankman-Fried’s $8 billion financial fraud trial continues into its third week, testimony from Nishad Singh, a former FTX executive, showed how SBF and his employees spent the money.
Singh—who pleaded guilty to fraud, and money laundering, among other charges—said the company spent billions of dollars of FTX investor money on celebrity endorsements, a sports stadium, real estate, political campaign donations and risky venture capital investment.
Similar to SBF’s ex-girlfriend Caroline Ellison’s testimony, Singh said SBF made all final decisions related to FTX’s investments.