Sam Bankman-Fried Accused of Deceit and Guilt in Closing Arguments
In the final stretch of Sam Bankman-Fried’s trial, Assistant US Attorney Nicholas Roos accused the FTX founder of running a “pyramid of deceit” and being “guilty beyond reasonable doubt” on all charges. During closing arguments, Roos alleged that Bankman-Fried used FTX customer funds for personal expenses, property purchases, and political donations. He emphasized that the case was not about complicated cryptocurrency issues but about lies, stealing, and greed. The prosecution also argued that former FTX and Alameda employees Carole Ellison, Nishad Singh, and Gary Wang were not responsible for the loss of customer funds.
Prosecution Points to Bankman-Fried’s Authority and Advice from Employees
Roos claimed that only Bankman-Fried had the authority to transfer money from FTX to Alameda. He highlighted instances when Ellison and Singh advised him against misappropriating customer deposits. The prosecution argued that Bankman-Fried knew the money was coming from customers but spent it anyway. They accused him of lying and urged the jury to reach a guilty verdict.
Defence Lawyer Disputes Charges and Portrayal of Bankman-Fried
In response, defence lawyer Mark Cohen disagreed with the prosecution’s portrayal of Bankman-Fried as a monster. Cohen argued that Bankman-Fried was not a criminal mastermind and had proposed closing Alameda. He appealed to the jury, stating that Bankman-Fried did his best at running two multi-billion-dollar businesses, acknowledging that some decisions turned out poorly. Cohen emphasized that good faith is a complete defense and mistakes are not a crime.
Hot Take: Final Verdict Awaited in Bankman-Fried Trial
The trial of Sam Bankman-Fried, founder of FTX, has reached its conclusion with closing arguments from both the prosecution and defence. The prosecution accused Bankman-Fried of using customer funds for personal gain and characterized him as guilty beyond reasonable doubt. In contrast, the defence argued that Bankman-Fried was not a criminal mastermind and had made mistakes while running his businesses. Now, the jury will deliberate and deliver their verdict. The outcome of this high-profile trial will have significant implications for the crypto industry and may shape future regulations in the sector.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.