Final Arguments Heard in Fraud Trial of Former FTX CEO Sam Bankman-Fried
Summary:
The court case against Sam "SBF" Bankman-Fried, the former CEO of FTX, is nearing its end with prosecutors laying out their concluding statements. Bankman-Fried faces seven counts of fraud and conspiracy to commit fraud, and could possibly serve up to 115 years in prison. The prosecution's argument stands on testimonies from nearly 20 witnesses, claiming Bankman-Fried deceived investors while merging funds with Alameda Research. The defense portrays Bankman-Fried as a well-intentioned entrepreneur who made some serious mistakes. The trial has been ongoing in Manhattan's Southern District Court from October 3rd.
The court proceedings regarding Sam "SBF" Bankman-Fried are nearing conclusion, as the prosecuting team delivered its concluding statements on the 1st of November. Final arguments in a legal case provide lawyers a chance to persuade judge and jury in hopes of winning. It was anticipated that the prosecutor's final argument could last around four hours, with the defense's statements to follow. "What he did is a blatant fraud. It's a clear instance of theft. Alameda was there before FTX," stated Assistant United States Attorney Nicolas Roos, showcasing some of the multiple diagrams that the government used as evidence against the former FTX CEO. Bankman-Fried is facing seven charges of fraud and conspiracy to commit fraud, and could face up to 115 years in prison if found guilty. His future will be in the hands of twelve jurors in the next few days. The prosecution's case against Bankman-Fried relies on testimonies from almost 20 witnesses who allege that the former FTX CEO deceived his investors, customers, and associates while intermingling funds with Alameda Research. Roos was reported as saying, "He established dual systems. If you trust even one out of our three main witnesses, then he is guilty. Unlimited line of credit equals endless funds from FTX, as Ellison and Gary Wang informed you." Conversely, the defense sought to portray Bankman-Fried as an entrepreneur with good intentions who merely made serious mistakes. They refute the charges that he suggested his team make political donations, invest in ventures, and buy high-end real estate using client funds. Despite facing an uphill battle, the defense team must convince the jurors of his innocence in light of the heavy evidence presented by the government, which comprises statements from authorities and law enforcement personnel connected to the case. Roos further continued, "He publicized the liquidation engine, promising FTX's security. He even told the Congress that collateral has to be stored on the platform, not merely promised. Yet hidden rules let Alameda borrow billions without the threat of being liquidated." The trial of Sam Bankman-Fried has been ongoing in Manhattan's Southern District Court since the 3rd of October. We can follow updates on Cointelegraph's of the proceedings. Related news: Discussion on the risk or innovation of Ethereum restaking in blockchain technology.
Published At
11/1/2023 3:08:51 PM
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