1 year ago
The Sam Bankman-Fried (SBF) proceedings reached a caput connected Nov. 1, with some sides presenting their closing arguments to the assemblage earlier it deliberates connected a verdict.
The prosecution’s closing statement revolved astir coating Bankman-Fried arsenic a serial liar driven by greed and who intentionally took lawsuit deposits connected fraudulent presumption and spent them.
Meanwhile, the defence told the assemblage that the government’s portrayal of the erstwhile billionaire was unfair and untrue, maintaining Bankman-Fried’s failings to beryllium a bid of concern mistakes.
Greed and fraud
Assistant U.S. Attorney Nicolas Roos kicked disconnected the prosecution’s closing statements by emphasizing the tremendous value of the grounds presented by cardinal witnesses passim the trial. He reiterated to the jury:
“Almost a twelvemonth ago, thousands of radical from each implicit the satellite who deposited wealth with FTX started withdrawing funds.”
It is undisputed that a staggering $10 cardinal from FTX’s crypto speech vanished, with a information utilized for varied purposes specified arsenic existent property investments, indebtedness repayments, and governmental donations.
Roos pressed connected the bosom of the substance for the jury: whether SBF recognized his actions successful misappropriating the funds arsenic wrong. He asserted:
“The suspect schemed and lied to get money, which helium spent.”
Roos besides highlighted the quality successful SBF’s demeanor erstwhile answering questions posed by his defence compared to those from the prosecution. He pointed retired the repeated instances wherever the suspect responded with “I can’t recall” during questioning, noting the fig exceeded 140 times.
The authoritative besides brought to the jury’s attraction the timeline of questionable fiscal decisions made by straight and solely SBF, including monolithic transfers to assorted entities and idiosyncratic expenses. Roos ended his statement by stating:
“That’s each you request to cognize to find him guilty.”
Roos provided a broad timeline to jurors during his speech, detailing moments specified arsenic SBF discovering a $13.7 cardinal spread successful FTX’s finances and consequent fiscal transactions, suggesting they showcased the defendant’s guilt.
SBF acted successful bully faith
The defence painted a starkly antithetic representation for the assemblage during its closing statement arsenic pb counsel Mark Cohen took the helm to support SBF.
Cohen started by telling the assemblage that the government’s portrayal of SBF is simply a caricature that has tried to marque him look similar a “monster” and a “villain.” He argued that the lawsuit was built connected the mendacious premise that FTX was designed arsenic a fraudulent endeavor to bargain lawsuit funds intentionally.
Cohen lamented the communicative the prosecution had spun, likening it to a movie wherever his lawsuit was being vilified. He added that the prosecution had utilized SBF’s manner choices and relationships to represent him arsenic a “monster” without proving his guilt. Cohen remarked:
“Every movie needs a villain.”
The defence went connected to bifurcate the lawsuit into 2 chiseled periods. The archetypal spanned from 2019 to 2021, wherever helium asserted determination was nary hint of transgression intent, and everyone progressive believed they were portion of the astir palmy crypto speech globally.
The 2nd play — from June 2022 to November 2022 — marked the industry’s downturn erstwhile galore businesses failed, and Alameda’s misuse of lawsuit funds came to light.
Cohen told the assemblage that SBF believed the shortfall was a liquidity occupation alternatively than a solvency contented and thought determination were capable funds to woody with the contented some connected and disconnected the exchange. He further emphasized that mediocre concern decisions bash not equate to transgression acts.
The defence urged the assemblage to admit the favoritism and recognize that the load of proving SBF’s transgression intent rests heavy connected the prosecution, a load that the defence believes has not been met.
Deliberations
The proceedings is acceptable to reason successful the coming days, with the assemblage expected to deliberate and get astatine a verdict wrong a time oregon two, barring immoderate unforeseen delays.
The trial, which began successful aboriginal October, has seen testimonies from respective cardinal witnesses, including those adjacent to SBF. Among them were Caroline Ellison, his ex-girlfriend and erstwhile Alameda co-CEO, and Gary Wang, FTX’s co-founder.
Both pleaded blameworthy to charges successful December 2022 and served arsenic cardinal witnesses for the prosecution during the trial.
Judge Lewis Kaplan, overseeing the trial, expressed a tendency for a verdict by the evening of Nov. 2. He asked if the assemblage would beryllium good with extending their hours to guarantee a verdict is reached connected time.
If convicted, SBF faces a imaginable beingness condemnation for charges including ligament fraud, securities fraud, and wealth laundering, each linked to the melodramatic downfall of FTX and its sister hedge fund, Alameda Research.
The station SBF Trial Day 16 — Both sides participate closing arguments arsenic assemblage prepares to deliberate appeared archetypal connected CryptoSlate.
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