Prosecutors Dismiss Altruism Claim in Sam Bankman-Fried's Crypto Fraud Trial
Summary:
In the ongoing fraud trial of crypto magnate, Sam Bankman-Fried, prosecutors requested the judge to instruct the jury that Bankman-Fried's assertion of being an "effective altruist" doesn't serve as a valid defense against his charges. Bankman-Fried is accused of diverting billions from FTX customers for personal interests. His team's attempt to justify the actions as a repayment scheme to clients was deemed irrelevant by prosecutors. Witnesses have claimed that Bankman-Fried was fully aware of the potential risks of his actions and kept them hidden from governing bodies, auditors, and the public. The trial is nearing its end, with jury instructions expected to be finalized next week.
During the ongoing fraud trial of crypto magnate, Sam Bankman-Fried, prosecutors have asked the presiding judge to instruct the jury that Bankman-Fried's claim to be an "effective altruist" is not a valid defense against his criminal allegations. The magnate is accused of illicitly diverting billions in FTX customer funds for private pursuits including political funding, property procurement, and personal investments. The prosecutors recently submitted a letter arguing that the defense's attempt to justify Bankman-Fried's actions as a plan to repay clients via FTX's expansion and successful investments was irrelevant, and did not erase the fraudulent charges in question.
The defense team has worked hard to present Bankman-Fried as a humanitarian devoted to making a positive worldwide impact; emphasizing his belief in and practice of effective altruism - a philosophy advocating the selection of most effective ways to be of help to others, like contributing to charitable organizations or choosing careers with significant societal benefits.
Protesting, prosecutors argue that effective altruism is not an adequate response to fraud charges, calling it an "irregular doctrine on the ethics of duplicity and pilfering". They believe that such a viewpoint has no relevance to the mental intent needed to perpetrate fraud.
Reporting from the New York trial, Cointelegraph indicates that we are approaching the conclusion of its third week. Several witnesses, including Caroline Ellison, ex-CEO of Alameda Research; Nishad Singh, former engineering head of FTX and Alameda; and Gary Wang, a co-founder of the defunct FTX, have given evidence.
Their testimonies suggest that Bankman-Fried directed them to surreptitiously acquire money from FTX's clients for aims not connected to normal business operations. They assert that Bankman-Fried was fully aware of the potential risks and blowbacks of such activities, and consciously concealed these movements from governing bodies, auditors, and the general public. A collection of emails, texts, spreadsheets, and banking documents were presented as proof of Bankman-Fried's deceptive scheme.
Jury instructions are expected to be finalised next week, followed by the closing statements. After this, the jury will begin their deliberations on Bankman-Fried's legal repercussions.
Published At
10/20/2023 8:38:50 AM
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