On November 1st, the well-known Sam Bankman-Fried (SBF) trial entered the final stage, with the prosecution providing its closing arguments, which is the last chance for a lawyer to convince the jury and judge to win the case.
The prosecution had previously projected that it would take up to four hours to present its closing arguments. Bankman-Fried’s defense will make its final arguments shortly after that.
In the closing arguments, the prosecutor, Assistant United States Attorney Nicolas Roos, strongly attacked SBF with various questions.
“Where did the money go? What happened? Who is responsible?” Prosecutor Nicolas Roos said this at the start of the government’s closing arguments. “You know the answers to those questions.”
While presenting one of many charts on which the government used evidence, Roos allegedly said, “That’s fraud. It’s stealing, plain and simple. Before FTX, there was Alameda.”
Roos’s closing statements centered around a six-point presentation on key times in Bankman-Fried’s career when he had to make a choice. On each of these occasions, Roos told the jury that Bankman-Fried consciously decided to commit fraud.
Roos also told the jury that Alameda’s unlimited line of credit should be considered unlimited stealing by SBF.
Throughout his closing statement, Roos consistently said that SBF perjured himself on the stand.
Seven charges of fraud and conspiracy to commit fraud are being brought against the former CEO of FTX. If found guilty, Bankman-Fried might spend up to 115 years behind bars. Twelve jury members will decide his future in the coming days.
About 20 witnesses testified against Bankman-Fried as part of the prosecution’s case, alleging that he misled FTX partners, investors, and consumers while commingling cash with Alameda Research.
Conversely, the defense attempted to portray Bankman-Fried as a businessman who committed “terrible mistakes” while acting in good faith, refuting claims that he instructed members of his inner circle to make venture investments, make political contributions, and buy opulent real estate with client funds.
The government gave vast evidence, including testimony from officials and law enforcement agents involved in the case. As a result, Bankman Fried’s defense faces a difficult challenge in convincing jurors to prove his innocence of the charges.
Ross said, “The defendant marketed the liquidation engine, saying FTX was safe. He told Congress collateral must be placed on the platform itself, not just pledged. But the secret rules allowed Alameda to borrow billions without any risk of being liquidated.”
Roos also told the jury that the government already knows who is responsible, dramatically pointing a finger at Bankman-Fried — “This man.”
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