'A Pyramid of Deceit': Prosecutors Begin Closing Argument in Sam Bankman-Fried Fraud Trial

Sam Bankman-Fried "told a story, and helium lied to you," a national authoritative said Wednesday successful his closing statement against the FTX founder.

The U.S. Department of Justice is wrapping up its lawsuit against Bankman-Fried aft astir 5 weeks. Assistant U.S. Attorney Nicholas Roos, who is presenting the DOJ's denouement, opened by noting that determination was "no dispute" that billions of dollars worthy of lawsuit funds from the FTX crypto speech were gone. Bankman-Fried faces 2 counts of ligament fraud and 5 counts of conspiracy tied to the cognition and illness of FTX and Alameda Research, Bankman-Fried's trading firm.

"This is simply a pyramid of deceit by the suspect built connected lies and mendacious promises," helium said.

Roos asked the assemblage to support 3 questions successful caput arsenic they reappraisal the evidence: wherever the wealth went, what happened and who was responsible, repeating these questions respective times.

"Now that you've seen each the grounds and heard each testimonies, you cognize the answer," Roos said, pointing to Bankman-Fried. "This man," the authoritative said. "The suspect is responsible."

Bankman-Fried's erstwhile employees discontinue erstwhile they learned astir the missing money, and his chap executives testified that they didn't cognize lawsuit funds were being misused until it was excessively late, Roos said.

"Their knowing was, lawsuit funds were not allowed to beryllium utilized by FTX oregon anyone else," helium said. "Customer funds belonged to customers."

Roos pointed to witnesser grounds and Bankman-Fried's ain crook connected the stand, saying the suspect morphed into a "different person" erstwhile answering the DOJ's questions arsenic opposed to defence lawyer Mark Cohen's.

"He came up with a tale," Roos said, asking the assemblage if they noticed however during cross-examination, Bankman-Fried couldn't retrieve details, whereas during the nonstop examination, helium often described situations from his life. "You'd person to disregard the grounds to judge his story."

Both the prosecution and the defence rested their respective cases betwixt the extremity of past week and Tuesday. Closing arguments are expected to past done each of Wednesday, with the DOJ perchance presenting a rebuttal statement arsenic good astatine the extremity of the time oregon connected Thursday.

Court got disconnected to a unsmooth commencement Wednesday with a juror moving late, followed by the league needing to beryllium delayed owed to method issues with immoderate of the monitors that show exhibits.

Bankman-Fried's parents arrived astatine the Manhattan courthouse adjacent to 9 a.m., but look to person near the courtroom anterior to Roos opening his presentation.

Sam Kessler contributed reporting.