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In closing arguments, lawyers spin a tale of two very different Sam Bankman-Frieds

today 11/02/2023
FTX founder Sam Bankman-Fried is currently on trial in Manhattan federal court, where attorneys presented their closing arguments to the jurors. The prosecution, led by US Assistant Attorney Nicholas Roos, argued that Bankman-Fried is guilty of stealing money and covering it up. They described his actions as a "pyramid of deceit" built on lies and false promises. The defense, represented by Mark Cohen, countered this portrayal, claiming that the government failed to prove Bankman-Fried's involvement in a conspiracy to defraud customers, investors, and the public. The case revolves around the collapse of FTX, Bankman-Fried's crypto exchange, and the alleged siphoning of funds by his other firm, Alameda Research. The prosecution asserted that Bankman-Fried knowingly committed wrongdoing, while the defense argued that he was not aware of the actions in question. Roos highlighted Bankman-Fried's public statements that falsely assured the safety of customer deposits as evidence of his criminal intent. Cohen criticized the prosecution's attempts to vilify Bankman-Fried and argued that FTX and Alameda were legitimate businesses. He also questioned why Bankman-Fried would subject himself to public questioning if he were a criminal mastermind. The defense sought to discredit the government's key witnesses, who were executives in Bankman-Fried's inner circle, by suggesting that they did not believe they were doing anything wrong at the time.
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