Home>Business>“That is fraud,” prosecutors say in closing arguments at SBF trial

“That is fraud,” prosecutors say in closing arguments at SBF trial

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

Closing arguments are the final alternative for attorneys to persuade the jury and choose that they need to win the case. Prosecutors had beforehand estimated that their closing arguments would take as much as 4 hours. Proper after, Bankman-Fried’s protection will even current its closing arguments.

“That is fraud. It is stealing plain and easy. Earlier than FTX there was Alameda,” Assistant United States Legal professional Nicolas Roos reportedly told jurors, presenting one of many many charts the federal government used as proof.

The previous CEO of FTX is going through seven counts of fraud and conspiracy to commit fraud. Bankman-Fried might serve as much as 115 years in jail if convicted. A jury of twelve will determine his destiny within the coming days.

As a part of the prosecution’s case towards Bankman-Fried, practically 20 witnesses have testified that he allegedly deceived traders, clients, and companions of FTX whereas commingling funds with Alameda Analysis.

“The defendant arrange two separate methods. In case you consider even one of many three cooperators, the defendant is responsible. A limiteless line of credit score simply means limitless cash from FTX. Ellison instructed you, he directed us. Gary Wang mentioned the identical.”

The protection, alternatively, tried to current Bankman-Fried as an entrepreneur who made “horrible errors” in good religion, denying accusations he directed his internal circle to make political contributions, enterprise investments, and buy luxurious actual property with buyer funds.

Bankman-Fried’s protection faces a tricky problem in persuading jurors that he’s harmless of the fees, as the federal government introduced intensive proof, together with testimony from officers and legislation enforcement brokers concerned within the case. Roos continued:

“The defendant marketed the liquidation engine, saying FTX was secure. He instructed Congress, collateral should be positioned on the platform itself, not simply pledged. However the secret guidelines allowed Alameda to borrow billions with none threat of being liquidated.”

Sam Bankman-Fried’s trial has been going down within the Southern District Court docket of Manhattan since Oct. 3. You’ll be able to follow Cointelegraph’s coverage of the trial here.

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