Prosecutors Present Evidence of Missing Funds
During the closing arguments in Sam Bankman-Fried’s criminal trial, prosecutors emphasized the extensive evidence provided by key witnesses. Meanwhile, the defense accused the government of portraying the FTX founder as a “monster.” The prosecution began by reminding the 12 jurors why they have spent four weeks in a lower Manhattan courtroom. Assistant U.S. Attorney Nicolas Roos stated that almost a year ago, thousands of people who deposited money with FTX started withdrawing funds. He further explained that $10 billion in customer money went missing, with some of it being used for real estate, investments, loan repayments, and political donations.
The Jury’s Decision
Roos highlighted that the main decision for the jury is whether Bankman-Fried knew that taking the money was wrong. He argued that Bankman-Fried schemed and lied to obtain money which he subsequently spent. If convicted on charges such as wire fraud, securities fraud, and money laundering tied to the collapse of FTX and Alameda Research, Bankman-Fried could face a potential life sentence. Throughout the trial, testimonies from Bankman-Fried’s former friends and colleagues have been presented against his own statements.
The Defense Presents Bankman-Fried’s Testimony
When it was time for Bankman-Fried’s defense team to present their case, lead counsel Mark Cohen allowed his client to take center stage. Bankman-Fried spent three days on the stand denying any wrongdoing and asserting that he did not defraud anyone or take customer funds. He also claimed to have worked with his deputies to prevent FTX from failing. However, Roos countered this by urging the jury to examine the evidence and ultimately pointing at Bankman-Fried as responsible for the alleged deceit.
Prosecutors Accuse Bankman-Fried of Lying
Roos argued that Bankman-Fried lied to the jury, highlighting the defendant’s contrasting behavior when questioned by his own attorney versus the prosecutors. He emphasized that Bankman-Fried had a perfect memory on certain details but was evasive during cross-examination. The prosecution listed key facts, including customers’ belief that their deposits were secure, FTX advertisements touting the exchange as safe and easy, and the alleged $10 billion in missing funds.
“Uncomfortable to Hear”
Roos concluded his arguments by stating that Bankman-Fried built a “pyramid of deceit” which ultimately collapsed. He described the defendant’s testimony as uncomfortable and pointed out the discrepancy between his confident responses to his own attorney and his evasiveness with prosecutors. The trial is set to conclude in the coming days.
Hot Take: Prosecution Builds Case Against Sam Bankman-Fried
The closing arguments in Sam Bankman-Fried’s criminal trial saw prosecutors presenting a strong case against the FTX founder. They emphasized the mountain of evidence provided by key witnesses, accusing Bankman-Fried of scheming, lying, and spending money obtained through fraudulent means. The defense countered by allowing Bankman-Fried to testify for three days, denying any wrongdoing and asserting his efforts to prevent FTX’s collapse. However, prosecutors accused him of deceit and highlighted inconsistencies in his testimony. As the trial nears its conclusion, the jury now faces the crucial decision of determining whether Bankman-Fried knew that taking customer funds was wrong.
By
By
By
By
By