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Closing Arguments in United States v. Sam Bankman Fried: Trial Over FTX Worth Billions of Dollars and Alleged Crypto Empire ‘Pyramid’ Collapse


Lawyers Deliver Closing Arguments in United States v. Sam Bankman Fried Trial

Prosecution Claims Founder Built Crypto Empire at the Top of the “Pyramid”

Lawyers for the government and defense delivered their closing arguments in United States v. Sam Bankman Fried, Trial over FTX is worth billions of dollars dollar Collapse where prosecutors They claim that the founder built His crypto empire is at the top of the “pyramid” of He lies.

The jury will receive the case for Deliberation on November 2, Chief District Judge Louis A. Kaplan who He heads over the case. Bystanders at the trial assumed the possibility of a verdict announced Sooner rather than later.

Assistant United States Attorney (AUSA) Nicholas Ross summed up the government’s case straightforwardly points – Defendant Bankman Fried deceived and defrauded thousands of FTX clients who Billions deposited in The defunct cryptocurrency exchange said Inner City Press.

Allegedly, Bankman Fried set up FTX as a nutrient entity for Alameda long before Ellison joined like head of trading He was later appointed as sole CEO following the resignation of Sam Trabucco.

The prosecutor noted Bankman-Fried’s evasive responses on The position and his full knowledge of decisions At Alameda Research, Cryptocurrencies trading The company is 90% owned of. Multiple accounts described the FTX founder saying “I don’t remember” around 140 times in court.

The MIT graduate favored the odds, Osa Ross said of Customer theft money And stay away with This was confirmed by three star eyewitnesses in Carolyn Ellison, Gary Wang, and Nishad Singh.

Bankman courted Fried world Leaders and decision makers to strengthen his position public Image as legitimate business While intentionally organizing illegal operations behind Closed doors attract customers with Fraudulent marketing schemes and celebrity endorsements, according to the prosecution.

Federalism prosecutors argued that Bankman-Fried’s advice-of-counsel And claims of ignorance failed To face the burden of Proof of this, adding that only the founder of FTX had access needed to get the green light decisions Which ultimately led to the bankruptcy of the twin crypto companies.

Doubled the bankman fried down on Spending and looting the client’s crypto when it is team Inform him of “Rising stakes,” Ross continued, “pleading the jury to stay focused.” on Evidence rather than storytelling tactics.

As AUSA Roos reminded the court, the founder of FTX is accused on Seven counts that is built on Four crimes: defrauding FTX customers and fraud on FTX Investors, Fraud on Alameda lenders and money laundering.

Defense: Other executives are responsible for FTX crash

Defense attorney Mark Cohen described Bankman-Fried’s closing argument as A tale of Two cases – one where is the government The reprehensible FTX former CEO, and another where the defendant was a victim of for him fast- Growing crypto empire.

Cohen asserted that Bankman-Fried’s actions were not fraudulent and that his actions… decision To repay lenders instead of disappearing with millions show up good Faith. the defense The lawyer insisted that Ellison et al former Executives didn’t raise any alarm until FTX completely collapsed, noting that out Which government Only witnesses testified to secure plea deals and escape jail time.

“Sam did what he did best. some decisions I turned out very good. some decisions I turned out Bad. But it’s not a crimeCohen said who He finished noticing that former Company captains like Ellison failed To carry out their duties they turned to the scapegoat Bankman-Fried.

Appeal briefs are scheduled for Trial day 16 followed by sentencing. While A decision It is expected soon, and there is no strict time frame for Jury deliberations.

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Adrian Ovalle
Adrian Ovalle
Adrian is working as the Editor at World Weekly News. He tries to provide our readers with the fastest news from all around the world before anywhere else.

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