Government Counters Defense Claims in Sam Bankman-Fried Fraud Trial
Summary:
The U.S. Assistant Attorney, Danielle Sassoon, delivered the government's counter-argument against Sam Bankman-Fried in Manhattan's Southern District Court with the expectation of a verdict by the end of the day. Sassoon contended that Bankman-Fried deceived customers and investors, falsely highlighting the security of their assets with FTX while they were being used by Alameda Research. Sassoon argued that Bankman-Fried's former inner circle testified under his direction, dismissing the defense's claims that Bankman-Fried was unaware of Alameda and FTX's operations as "absurd". The argument also involved the allegation that Bankman-Fried deliberately refrained from hiring a risk officer to conceal wrongdoings.
On November 2, the government raised its counter-argument against Sam Bankman-Fried in answer to the defense's comments during the concluding statements made the previous day. A dozen jurors in Manhattan's Southern District Court will be briefed on the final instructions on November 2, with a decision anticipated by 8:00 pm local time. The jurors will get pizza and transportation if their deliberations extend beyond court hours as informed by District Court Judge Lewis Kaplan.
During the final stages of @SBF_FTX's trial, both the prosecution and defense declared their closing remarks.
The U.S. Assistant Attorney, Danielle Sassoon, voiced her legal case in court, arguing the prosecution has successfully demonstrated that Bankman-Fried is liable for seven incidences of fraud and a conspiracy to perform the same. Sassoon insisted that the ex-CEO of FTX deceived its customers, investors, and media by making them believe that the assets at FTX were safe and that Alameda Research had no connection to them. Sassoon highlighted Bankman-Fried's tweets and public pronouncements made prior to FTX's downfall.
Bankman-Fried had claimed that the customers' funds were kept in separate accounts when, in fact, they were being utilized by Alameda Research. She also disputed the defense claiming Bankman-Fried's media presence post FTX's collapse, asserting that his interviews were intended to portray him as trustworthy even when his exchange couldn't refund its clients.
Sassoon also criticized the defense's claim that Bankman-Fried was portrayed as a villain by the government during the closing arguments a day earlier as a "desperate" move. Sassoon argued that Bankman-Fried's ex-close circle members including Caroline Ellison, Gary Wang, and Nishad Singh, were acting by his instructions. These people had collaborated with the government and given their testimony.
During the final statements, defense lawyers aimed at discrediting their testimonies, alleging they were obtained under stringent collaboration agreements with federal prosecutors. Sassoon argued that the defense wanted the jury to think that Bankman-Fried was oblivious of the circumstances at Alameda and FTX, a claim she dismissed as ridiculous.
The U.S. attorney also countered the defense's claims by claiming that Bankman-Fried never hired a risk officer as a part of the FTX strategy to cover up instances of deleted messages and misappropriation. He was aware that his actions were erroneous, which is why he never hired a risk officer, Sassoon told the jury.
Published At
11/2/2023 4:20:19 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.