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Key Points: The FTX founder’s trial nears an end, with prosecutors focusing on his knowledge of wrongdoing. Bankman-Fried prosecutors allege fraud and misappropriation of customer funds in the collapse of FTX. Defense claims Bankman-Fried made mistakes in good faith, denying misconduct. The trial of Sam Bankman-Fried (SBF), the founder of crypto-exchange FTX, has reached its final stages as US prosecutors issued their closing arguments on November 1. The core issue under scrutiny, according to Bankman-Fried prosecutors, isn’t whether SBF took the money, but whether he knew it was wrong. FTX Founder’s Trial Nears Conclusion 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. 970×90.gif (970×90) Bankman-Fried Prosecutors Allege Fraud and Misappropriation in FTX Collapse 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…

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Filed under: News - @ November 2, 2023 1:20 am