April 19, 2024
d Fraud Allegations" "Legal Showdown:
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Sam Bankman-Fried’s Trial Nears Conclusion Amid Prosecution’s Case Culmination

Sam Bankman-Fried’s trial has reached its final phase, marked by the prosecution’s culmination of their case on November 1. During closing arguments, lawyers make their final persuasive attempts before the jury and judge. The prosecution had anticipated that their closing arguments would last up to four hours. Following this, Bankman-Fried’s defense will also present its closing arguments.

The former CEO of FTX is confronted with seven counts of fraud and conspiracy, potentially facing a sentence of up to 115 years in prison if found guilty. A jury of 12 will determine the outcome in the upcoming days.

Assistant United States Attorney Nicolas Roos reportedly conveyed, while presenting one of the many charts used as evidence, that the situation involved fraud and straightforward theft, emphasizing the presence of Alameda before FTX.

As part of the prosecution’s argument, almost 20 witnesses testified that Bankman-Fried misled investors, customers, and partners of FTX while intermingling funds with Alameda Research. The defense attempted to portray Bankman-Fried as an entrepreneur who made terrible mistakes in good faith, refuting allegations that he directed his inner circle to engage in political contributions, venture investments, and the purchase of luxury real estate using customer funds.

Bankman-Fried’s defense confronts a considerable challenge in convincing jurors of his innocence, given the substantial evidence presented by the government, including testimonies from officials and law enforcement agents involved in the case. Roos further commented by saying that the defendant marketed the liquidation engine, saying FTX was safe. He told Congress that collateral must be placed on the platform itself, not just pledged. But the secret rules allowed Alameda to borrow billions without any risk of being liquidated.

Bankman-Fried’s trial commenced on October 3 at the Southern District Court of Manhattan and has been ongoing since then.

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