Key Points:
In their closing argument, assistant U.S. Attorney Nicolas Roos highlighted the thousands of individuals who lost billions in the FTX crypto exchange’s collapse. He presented charts as evidence, asserting, “That’s fraud. It’s stealing, plain and simple. Before FTX, there was Alameda.” Roos emphasized that SBF was the 90% owner of Alameda and began FTX, considering it a new source of money for Alameda.
The prosecution challenged SBF’s claim that he had no knowledge of wrongdoing, citing testimonies from fellow executives and financial documents. Closing arguments are crucial in convincing the jury and judge, with Bankman-Fried prosecutors estimating their arguments to last up to four hours.
SBF’s defense countered, portraying him as an entrepreneur who made “terrible mistakes” in good faith, denying allegations of directing political contributions and luxury real estate purchases with customer funds. Bankman-Fried prosecutors contended that SBF used the money for various purposes, including real estate, donations, investments, and political contributions.
Roos urged jurors to consider the testimony of four former executives who claimed that customer funds were misappropriated at SBF’s direction. SBF, who pleaded not guilty to all charges, maintained his lack of awareness regarding the misappropriation of customer funds.
Closing arguments are concluding, and SBF’s defense attorney is scheduled to present their case. The jury is expected to begin deliberations on Thursday.
Coincu will continue to update the situation related to the trial, you can find out more information through this article.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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