The ongoing criminal trial involving FTX founder Sam “SBF” Bankman-Fried, move in closing arguments on November 1.
On day 15 of the SBF trial, lead defense attorney Mark Cohen’s request for acquittal was denied by Presiding Judge Lewis Kaplan. Instead, the case will move to closing arguments for both sides at 9:30 a.m. ET (1:30 p.m. UTC) on November 1, with discovery of all evidence complete. Lawyers for both sides declined to call other witnesses.
SBF has pleaded not guilty to all seven fraud-related charges in his criminal case, but is expected to face five more charges in a second trial scheduled to begin in March 2024, including pot- alleged $150 million bribe from a Chinese government official.
During discovery, prosecutor Danielle Sassoon presented documents, tweets and company messages attesting that the crypto executive siphoned off FTX customer deposits worth $8 billion to fund a series of risky trades at his hedge fund, Alameda Research. SBF, on the other hand, denied that such actions constituted fraud. In its defense, SBF claimed that take customer deposits was just a necessary “risk management” procedure for the Alameda portfolio and that the process was complies with company policies.
Key FTX personnel – including Alameda CEO Caroline Ellison, FTX Chief Technology Officer Gary Wang and FTX’s former head of engineering Nishad Singh – have all pleaded guilty to charges related to the company’s collapse. stock market last November and are currently cooperate with the US government in their testimonies against SBF. If convicted, Bankman-Fried faces a maximum sentence of 115 years in prison.