As Sam Bankman-Fried‘s fraud trial nears its conclusion, federal prosecutors delivered forceful closing arguments accusing the FTX founding father of mendacity and stealing from clients.
Internal Metropolis Press, which has reported stay from the courtroom because the starting of Bankman-Fried’s trial, reported Assistant US Legal professional Nicolas Roos instructed the jury that the easy reality was that billions in buyer deposits had gone lacking as a result of Bankman-Fried stole them. “Virtually a 12 months in the past, individuals began to withdraw from FTX. Tens of millions to billions” he stated. “Hundreds tried to withdraw their nest eggs. However they weren’t processed.”
Roos alleged this was as a result of “The defendant spent his clients’ cash and lied about it. It went to cowl bills, to buy property, and to make political donations. This was a pyramid of deceit, all to get cash. Ultimately, it collapsed, leaving numerous victims in its wake.”
The crux of the matter, the federal government argued, had nothing to do with the complexities or fundamentals of cryptocurrency and as an alternative attributed Bankman-Fried’s conduct to easy fraud:
“$10 billion had been lacking. And the defendant was accountable. You’re heard about Bitcoins and blockchains, so-called Korean accounts. Right here’s the factor. This isn’t about sophisticated problems with cryptocurrency. It’s about lies and stealing and greed.”
The statements mirror arguments outlined in earlier SBF trial protection, noting he faces prices of wire fraud, conspiracy, and marketing campaign finance violations associated to the implosion of FTX in November 2022.
Bankman-Fried has maintained he didn’t act with unwell intent, as an alternative making poor enterprise selections. The trial’s final result rests on whether or not the jury accepts his narrative or the prosecution’s assertions of willful fraud and deception.
Roos immediately instructed the jury, “The core dispute right here is whether or not the defendant knew that taking the cash was fallacious. He knew. He did it anyway. He thought he was smarter and will stroll his method out of it. As we speak, with you, that ends.”
Because the high-profile SBF case nears a verdict, the prosecution aimed to persuade jurors of prison intent by way of its condemnatory closing assertion. Roos asserted SBF deliberately defrauded FTX clients, stating, “This man, Samuel Bankman-Fried… spent his clients’ cash and lied about it.”
Sam Bankman-Fried’s trial is ongoing.