Closing arguments kicked off on Wednesday in Sam Bankman-Fried's criminal fraud trial, with prosecutors walking the jury through four weeks of evidence
Assistant U.S. Attorney Nicolas Roos told the jury that Bankman-Fried "schemed and lied to get money, which he spent."FTX Founder Sam Bankman-Fried leaves Manhattan Federal Court after a court appearance on June 15, 2023 in New York City.kicked off their closing argument on Wednesday, reminding the 12 jurors why they've spent the past four weeks sitting in a lower Manhattan courtroom.
The main thing the jury has to decide, Roos said, is whether Bankman-Fried knew that taking the money was wrong.Bankman-Fried, the 31-year old son of two Stanford legal scholars and graduate of Massachusetts Institute of Technology, faces a potential life sentence if convicted on charges, which include wire fraud, securities fraud and money laundering, all tied to the collapse late last year of FTX and sister hedge fund Alameda Research.
"To believe his story, you'd have to ignore the evidence," Roos said. "You'd have to believe the defendant, who graduated from MIT and built two multibillion-dollar companies, was actually clueless."Critical to the failure of FTX was the use of customer funds to cover losses in Alameda's books following the plunge in crypto prices last year.
Bankman-Fried blamed "messy accounting," Roos said, adding "give me a break." He said those comments contradicted what he told Congress, that he'd reconciled the books.
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