The ongoing criminal trial involving FTX founder Sam Bankman-Fried (SBF) will move Closing arguments will begin on November 1.
On the 15th day of the SBF trial, lead defense attorney Mark Cohen’s request for acquittal was rejected by presiding judge Lewis Kaplan. Instead, the case will go into closing arguments on November 1 at 9:30 a.m. ET (1:30 p.m. UTC), with all discovery concluded. Lawyers for both sides declined to call any further witnesses.
SBF has pleaded not guilty to all seven fraud-related charges in its criminal case, but is expected to face a further five charges at a second trial scheduled to begin in March 2024, including for allegedly charging a Chinese Government officials paid $150 million in bribes.
During the investigation, prosecutor Danielle Sassoon submitted documents, tweets and company information proving that the cryptocurrency executive misappropriated $8 billion worth of FTX client deposits to fund a series of high-risk trades for his hedge fund Alameda Research. funds. SBF, on the other hand, denies that such conduct constitutes fraud. In its defense, SBF claimed that taking customer deposits was simply a necessary “risk management” procedure for Alameda’s investment portfolio and that the procedure was in line with company policy.
Key personnel at FTX, such as Alameda CEO Caroline Ellison, FTX Chief Technology Officer Gary Wang, and former FTX Engineering Director Nishad Singh, have all pleaded guilty to charges related to the exchange’s collapse last November and are currently cooperating with the U.S. government to provide information on FTX’s allegations. testimony. SBF. If convicted, Bankman-Fried faces up to 115 years in prison.
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