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SBF trial day 17: FTX founder pitched as a criminal and a victim in closing arguments

Press Releases Crypto News Crypto-News SBF trial day 17: FTX founder pitched as a criminal and a victim in closing arguments

Attorneys for the government and defense delivered their closing arguments in United States v Sam Bankman-Fried, the trial over FTX’s multi-billion dollar collapse where prosecutors allege that the founder built his crypto empire atop a “pyramid of lies”.

The jury will receive the case for deliberation on Nov. 2, said Senior District Judge Lewis A. Kaplan who presides over the case. Trial bystanders postulated that a verdict could be announced sooner rather than later.

Assistant United States Attorney (AUSA) Nicholas Roos summarized the government’s case into direct points – the defendant Bankman-Fried deceived and defrauded thousands of FTX customers who deposited billions in the defunct crypto exchange, said InnerCityPress.

Bankman-Fried allegedly set up FTX as a feeder entity for Alameda long before Ellison joined as head of trading and was later appointed sole CEO after Sam Trabucco resigned.

The prosecutor pointed to Bankman-Fried’s evasive responses on the stand and his full knowledge of decisions at Alameda Research, the crypto trading firm he owned 90% of. Multiple accounts described the FTX founder saying “I don’t recall” some 140 times in court.

AUSA Roos said the MIT graduate favored the odds of stealing customers’ money and getting away with it, as corroborated by three-star witnesses in Caroline Ellison, Gary Wang and Nishad Singh.

Bankman-Fried courted world leaders and policymakers to bolster his public image as a legitimate business while purposefully orchestrating illegal operations behind closed doors, luring customers with fraudulent marketing schemes and celebrity endorsements according to the prosecution.

Federal prosecutors argued that Bankman-Fried’s advice-of-counsel and claims of ignorance failed to meet the burden of proof, adding that only the FTX founder had the access needed to greenlight decisions which ultimately plunged

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Author: Naga Avan-Nomayo

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