Sam Bankman-Fried has been on trial on expenses of fraud and cash laundering for simply over 4 weeks, and the case appears prefer it’s lastly drawing to a detailed. The prosecution started its closing statements on Wednesday; it was the protection’s flip after lunch.
Assistant U.S. lawyer Nicolas Roos stood in entrance of jurors from 10 a.m. ET till the courtroom broke for lunch round 1 p.m. reiterating the prosecution’s case: Bankman-Fried lied, made false guarantees and is answerable for billions of {dollars} misplaced for hundreds of traders on FTX. And on high of that, that Bankman-Fried had many alternatives to come back clear, however didn’t.
At one particularly dramatic second, Roos pointed on the defendant and mentioned, “Who’s accountable? This man: Samuel Bankman-Fried.” The previous CEO of FTX didn’t look again, however he tilted his head barely.
In the meantime, Mark Cohen, Bankman-Fried’s lead lawyer, mentioned the federal government is making a Hallmark movie-like case in opposition to Bankman-Fried and that he made “unhealthy enterprise judgments.”
“The federal government has tried to color Sam into some kind of villain, some kind of monster,” Cohen mentioned, utilizing a tender voice. He talked about that the prosecution has introduced up his appears, the $30 million Bahamas condominium through which he lived with different execs, celeb connections and his intercourse life. The prosecution did this, Cohen mentioned, “to make him into somebody you dislike … slightly than make the case.”
His look, romantic relationships or being the “worst dressed CEO” don’t have anything to do with whether or not he’s responsible, Cohen mentioned. “Each film wants a villain … they wrote him in as [one].”
The prosecutor emphasised the way it was flawed of FTX to make use of clients’ funds with out their data or approval. “It was a common view: Buyer funds belong to clients and may’t be used,” Roos mentioned, including that even FTX’s phrases of service said that customers’ deposits belonged to customers.
Based on the proof, there was a “enormous distinction between what FTX mentioned it had for patrons versus what it really had” and the way billions of {dollars} had been lacking, Roos mentioned. “This isn’t about sophisticated crypto [terms]. It’s about deception. It’s about lies. It’s about stealing; greed.”
