‘That’s fraud,’ prosecutors say in closing arguments at Sam Bankman-Fried trial

The NFT Unicorn 1698852954_ef639b6b-4bdc-4c8b-8318-5a37d6bca3a8 ‘That’s fraud,’ prosecutors say in closing arguments at Sam Bankman-Fried trial Crypto News

Sam “SBF” Bankman-Fried’s trial has entered the final stages, with the prosecution delivering its closing arguments in the case on Nov. 1.

Closing arguments are the last opportunity for lawyers to convince the jury and judge that they should win the case. Prosecutors had previously estimated that their closing arguments would take up to four hours. Right afterward, Bankman-Fried’s defense will also present its closing arguments.

“That’s fraud. It’s stealing, plain and simple. Before FTX, there was Alameda,” Assistant United States Attorney Nicolas Roos reportedly told jurors, presenting one of the many charts the government used as evidence.

The former CEO of FTX is facing seven counts of fraud and conspiracy to commit fraud. Bankman-Fried could serve up to 115 years in prison if convicted. A jury of 12 will decide his fate in the coming days.

As part of the prosecution’s case against Bankman-Fried, nearly 20 witnesses testified that he deceived investors, customers and partners of FTX while commingling funds with Alameda Research.

“The defendant set up two separate ways. If you believe even one of the three cooperators, the defendant is guilty. An unlimited line of credit just means unlimited money from FTX. Ellison told you, he directed us. Gary Wang said the same.”

The defense, on the other hand, tried to present Bankman-Fried as an entrepreneur who made “terrible mistakes” in good faith, denying accusations he directed his inner circle to make political contributions and venture investments and purchase luxury real estate with customer funds.

Bankman-Fried’s defense faces a tough challenge in persuading jurors that he is innocent of the charges, as the government presented extensive evidence, including testimony from officials and law enforcement agents involved in the case. Roos continued

“The defendant marketed the liquidation engine, saying FTX was safe. He told Congress, collateral must be placed on the platform itself, not just pledged. But the secret rules allowed Alameda to borrow billions without any risk of being liquidated.”

Bankman-Fried’s trial started on Oct. 3 in the Southern District Court of Manhattan and has been ongoing since. You can follow Cointelegraph’s coverage of the trial here.

Magazine: Ethereum restaking — Blockchain innovation or dangerous house of cards?