Skip to content
Sam Bankman-Fried- Case Archive
personpersonRobert BoroujerdiRobert BoroujerdiFormer Third Point managing director who led the firm's markets business and strategy.← All People
Witness· Third Point

Robert Boroujerdi

Former Third Point managing director who led the firm's markets business and strategy.

AppearedFederal Criminal Trial
111 lines·5 proceedings·3 mentions

About

Called by the government on Day 12, Boroujerdi testified as a Third Point managing director about the firm's review of FTX and its communications with Samuel Bankman-Fried before investing. He said Third Point relied on financial information in FTX's data room and expected reported revenue and cost figures to be accurate.

Boroujerdi said Third Point understood FTX and Alameda Research to operate independently, with Alameda subject to FTX's risk engine and unable to withdraw customer funds. He testified that an Alameda exemption, access to customer funds, or transfers of investor capital to Alameda would have affected the investment decision. Third Point initially invested approximately $35 million in July 2021 and invested $60 million in FTX International overall; he valued that investment at zero by the time of his testimony.

On cross-examination, defense counsel examined the audited and unaudited financial information Third Point reviewed and the role of entities facilitating fiat and cryptocurrency transfers. Boroujerdi acknowledged that diligence identified transaction partners, including Signature Bank, but he could not say whether those entities technically qualified as FTX related parties or identify a related-party conduit. His answers narrowed the scope of his technical knowledge without changing his account of the representations that mattered to Third Point's investment decision.

Trial Record (5)

FederalFederal Criminal TrialOct 3, 2023 – Nov 2, 2023Called by prosecution

Called by the government on Day 12, Boroujerdi described Third Point's FTX diligence, the representations that informed its investment, and the undisclosed Alameda privileges that he said would have changed that decision. Cross-examination tested the limits of his knowledge about transaction partners and related parties.

Day 12

DirectRobert Boroujerdi — DirectRobert BoroujerdiThane Rehn8highlights105lines spoken

Summary

Third Point managing director Robert Boroujerdi testified that the firm relied on FTX's financial information and representations about Alameda and customer assets before investing $60 million, an investment he valued at zero.

Highlights (8)

testimony highlightBoroujerdi testified that Third Point relied on FTX's financial data, expected it to depict revenues and costs accurately, and would have considered any undisclosed exclusion of expenses; the court overruled the defense objection to the materiality question.Open in transcript →
Quote“Outside of us asking questions or more notation of answers, Sam led and drove the entirety of the call.”— Robert BoroujerdiBoroujerdi identified Samuel Bankman-Fried as the principal presenter during FTX's investment discussions with Third Point.Open in transcript →
testimony highlightBoroujerdi said investors were told that FTX and Alameda operated independently and that he understood Alameda was not exempt from FTX's risk engine. He testified that Third Point would not have invested had it known of an exemption.Open in transcript →
Quote“Beyond that, we discussed the relationship of ownership and it was conveyed to us that these -- this was an arm's length business, that they operated independently, and served their own self-interest.”— Robert BoroujerdiThe testimony states how Third Point understood the represented relationship between FTX and Alameda during its investment review.Open in transcript →
Show all 8 highlights
Quote“There should be no preferential treatment on an exchange. That would undermine the integrity of the exchange, upset clients, and hurt the business model and thus the value, in our view, of the asset over time.”— Robert BoroujerdiBoroujerdi explained why an Alameda exemption from FTX's risk engine would have mattered to Third Point's investment decision.Open in transcript →
testimony highlightBoroujerdi testified that he was never told Alameda could withdraw customer funds and, after the court overruled an objection, said Third Point would not have invested had it been told that.Open in transcript →
evidence eventBoroujerdi identified Third Point in a July 2021 fundraising announcement, placed its initial investment at approximately $35 million, and said its total investment in FTX International reached $60 million.Open in transcript →
Quote“These are two separate entities. This capital was for the growth of FTX. It was not for any related party in transactions or businesses.”— Robert BoroujerdiBoroujerdi explained Third Point's understanding of the intended use of the capital it invested in FTX.Open in transcript →
CrossRobert Boroujerdi — CrossRobert BoroujerdiDavid F. Lisner4highlights6lines spoken

Summary

Defense counsel tested Robert Boroujerdi's knowledge of FTX's related-party transaction arrangements; he described transaction partners identified during diligence but could not say whether any technically qualified as related parties.

Highlights (4)

objectionThe court sustained a hearsay objection when defense counsel asked what Boroujerdi learned from FTX's audited financial statements about reliance on related parties.Open in transcript →
testimony highlightAfter counsel reformulated the question to ask about Boroujerdi's understanding, the court overruled the objection, and Boroujerdi described transaction partners identified during diligence.Open in transcript →
Quote“We understood that there were fiat on-ramps and off-ramps and partners that would work with them on specific pieces. Whether it was in the audited financials or not, it was part of the diligence process.”— Robert BoroujerdiBoroujerdi distinguished Third Point's broader diligence understanding from information necessarily contained in FTX's audited financial statements.Open in transcript →
Quote“I would be unaware from a technical definition if that's true.”— Robert BoroujerdiBoroujerdi acknowledged that he could not determine whether Signature Bank qualified as an FTX related party.Open in transcript →

Day 18