The U.S. government delivers its closing arguments in New York to convince the jury that Sam Bankman-Fried is guilty of fraud and conspiracy to commit fraud.
Sam "SBF" Bankman-Fried’s trial has entered the final stages, with the prosecution delivering its closing arguments in the case on Nov. 1.
Closing arguments are the last opportunity for lawyers to convince the jury and judge that they should win the case. Prosecutors had previously estimated that their closing arguments would take up to four hours. Right after, Bankman-Fried's defense will also present its closing arguments.
"That's fraud. It's stealing plain and simple. Before FTX there was Alameda," Assistant United States Attorney Nicolas Roos reportedly told jurors, presenting one of the many charts the government used as evidence.
The former CEO of FTX is facing seven counts of fraud and conspiracy to commit fraud. Bankman-Fried could serve up to 115 years in prison if convicted. A jury of twelve will decide his fate in the coming days.
As part of the prosecution’s case against Bankman-Fried, nearly 20 witnesses have testified that he allegedly deceived investors, customers, and partners of FTX while commingling funds with Alameda Research.
"The defendant set up two separate ways. If you believe even one of the three cooperators, the defendant is guilty. An unlimited line of credit just means unlimited money from FTX. Ellison told you, he directed us. Gary Wang said the same."
The defense, on the other hand, tried to present Bankman-Fried as an entrepreneur who made "terrible mistakes" in good faith, denying accusations he directed his inner circle to make political contributions, venture investments, and purchase luxury real estate with customer funds.
Bankman-Fried's defense faces a tough challenge in persuading jurors that he is innocent of the charges, as the government presented extensive evidence, including testimony from officials and law enforcement agents involved in the case. Roos continued:
"The defendant marketed the liquidation engine, saying FTX was safe. He told Congress, collateral must be placed on the platform itself, not just pledged. But the secret rules allowed Alameda to borrow billions without any risk of being liquidated."
Sam Bankman-Fried's trial has been taking place in the Southern District Court of Manhattan since Oct. 3. You can follow Cointelegraph's coverage of the trial here.
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