The continuing prison trial involving FTX founder Sam Bankman-Fried (SBF) will move into closing arguments on November 1.
On Day 15 of the SBF trial, lead protection legal professional Mark Cohen’s request for acquittal was denied by presiding choose Lewis Kaplan. As an alternative, the case will transfer to closing arguments from each side at 9:30 a.m. ET (1:30 p.m. UTC) on Nov. 1, with all proof discovery concluded. Attornies from each side declined to name any additional witnesses.
SBF has pleaded not responsible to all seven fraud-related fees in his prison case, however is anticipated to face 5 extra counts in a second trial scheduled to begin in March 2024, together with the alleged $150 million bribe of a Chinese language authorities official.
Throughout discovery, prosecutor Danielle Sassoon introduced paperwork, tweets, and company messages testifying that the crypto govt siphoned $8 billion price of FTX clients’ deposits to fund a sequence of dangerous trades at his hedge fund, Alameda Analysis. SBF, alternatively, denied that such actions constituted fraud. In his protection, SBF claimed that taking customers’ deposits was merely a “threat administration” process needed for Alameda’s portfolio, and the mentioned course of was in line with company policies.
Key FTX personnel, akin to Alameda CEO Caroline Ellison, FTX CTO Gary Wang, and former FTX head of engineering Nishad Singh, have all pled responsible to fees regarding the trade’s collapse final November and are at the moment cooperating with the U.S. government of their testimonies in opposition to SBF. If convicted, Bankman-Fried faces a most penalty of 115 years in jail.