The continuing prison trial involving FTX founder Sam Bankman-Fried (SBF) will transfer into closing arguments on November 1.
On Day 15 of the SBF trial, lead protection legal professional Mark Cohen’s request for acquittal was denied by presiding decide Lewis Kaplan. As a substitute, the case will transfer to closing arguments from each side at 9:30 a.m. ET (1:30 p.m. UTC) on Nov. 1, with all proof discovery concluded. Attornies from each side declined to name any additional witnesses.
SBF has pleaded not responsible to all seven fraud-related fees in his prison case, however is predicted to face 5 extra counts in a second trial scheduled to start out in March 2024, together with the alleged $150 million bribe of a Chinese language authorities official.
Throughout discovery, prosecutor Danielle Sassoon introduced paperwork, tweets, and company messages testifying that the crypto government siphoned $8 billion price of FTX clients’ deposits to fund a sequence of dangerous trades at his hedge fund, Alameda Analysis. SBF, alternatively, denied that such actions constituted fraud. In his protection, SBF claimed that taking clients’ deposits was merely a “threat administration” process mandatory for Alameda’s portfolio, and the mentioned course of was according to firm insurance policies.
Key FTX personnel, reminiscent of Alameda CEO Caroline Ellison, FTX CTO Gary Wang, and former FTX head of engineering Nishad Singh, have all pled responsible to fees referring to the alternate’s collapse final November and are at present cooperating with the U.S. authorities of their testimonies in opposition to SBF. If convicted, Bankman-Fried faces a most penalty of 115 years in jail.
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