Ongoing Criminal Trial of FTX Founder Sam Bankman-Fried Nears Closing Arguments
The criminal trial involving FTX founder Sam Bankman-Fried (SBF) is moving into its final phase, with closing arguments scheduled for November 1. The presiding judge, Lewis Kaplan, denied the defense’s request for acquittal on Day 15 of the trial. Both the prosecution and defense have concluded their evidence discovery and will present their closing arguments at 9:30 a.m. ET (1:30 p.m. UTC) on November 1 without calling any further witnesses.
SBF Faces Multiple Charges in Two Trials
Sam Bankman-Fried has pleaded not guilty to the seven fraud-related charges in his current criminal case. However, he is expected to face five additional counts in a second trial set to begin in March 2024. These charges include an alleged $150 million bribe given to a Chinese government official.
Prosecution Presents Evidence of Fraudulent Activities
During the discovery phase, prosecutor Danielle Sassoon presented various documents, tweets, and corporate messages as evidence against SBF. These materials allegedly demonstrate that Bankman-Fried diverted $8 billion worth of FTX customers’ deposits to engage in risky trades at his hedge fund, Alameda Research. In response, SBF argued that these actions were part of a “risk management” strategy aligned with company policies and not fraudulent.
Key FTX Personnel Cooperating with Government
Several important figures from FTX, including Alameda CEO Caroline Ellison, FTX CTO Gary Wang, and former FTX head of engineering Nishad Singh, have pleaded guilty to charges related to the collapse of the exchange in November last year. They are now cooperating with the U.S. government and providing testimonies against Sam Bankman-Fried. If convicted, Bankman-Fried could face a maximum prison sentence of 115 years.
Hot Take: Closing Arguments Set to Begin in SBF Trial
The ongoing criminal trial involving FTX founder Sam Bankman-Fried is entering its final phase, with closing arguments scheduled for November 1. Despite the defense’s request for acquittal being denied, both sides have concluded their evidence discovery and will present their closing arguments without calling further witnesses. Bankman-Fried has pleaded not guilty to the charges brought against him but is expected to face additional counts in a second trial next year. The prosecution has presented evidence alleging fraudulent activities, while key FTX personnel have cooperated with the government. The outcome of the trial will determine the potential consequences for Bankman-Fried, including a maximum prison sentence of 115 years.
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