Prosecutor: FTX Boss Sam Bankman-Fried Stole Billions From Customers, Lied About It

Federal authoritative Nicolas Roos argued this week that Sam Bankman-Fried stole billions successful lawsuit funds from his cryptocurrency speech FTX and lied repeatedly to screen it up, actions that marque him blameworthy connected each counts. The prosecutor’s closing statement paints a representation of Bankman-Fried gathering a upland of lies that yet collapsed, “leaving countless victims successful its wake.”

From Crypto King to the Courtroom’s Closing Arguments: The Bankman-Fried Saga

Almost a twelvemonth ago, customers began trying to retreat funds from FTX, but their requests went unprocessed arsenic FTX went bankrupt with $10 cardinal missing, authoritative Roos told the tribunal connected Novemeber 1, 2023. The national government’s closing argument was published by Matthew Russell Lee from the Inner City Press.

Roos argued that Sam Bankman-Fried spent FTX lawsuit wealth to screen expenses, bargain spot and marque political donations successful a “pyramid of deceit” that yet collapsed. Roos said Bankman-Fried knew taking the wealth was incorrect but believed helium could evade consequences.

“He thought helium was smarter, and could locomotion his mode retired of it. Today, with you, that ends,” Roos said to the jurors.

Roos said Bankman-Fried acceptable up a concealed strategy allowing his quantitive trading steadfast Alameda Research to instrumentality FTX lawsuit funds with zero hazard of liquidation. Roos called this stealing: “[It’s] fraud. It’s stealing plain and simple.” Roos said Bankman-Fried lied repeatedly connected the stand, incapable to callback details from his ain business. “Over 3 days helium took the basal and helium lied. You’d person to disregard each the evidence,” Roos said.

The national authoritative besides recounted however Bankman-Fried failed to remember his statements oregon decisions, saying:

He couldn’t retrieve a azygous detail. It was uncomfortable. 140 times…

Roos outlined however Bankman-Fried allegedly utilized FTX lawsuit wealth to bargain backmost FTX banal and get luxury property contempt subordinates warning him it was unwise. Roos said Bankman-Fried omitted antagonistic accusation from equilibrium sheets sent to investors and lenders, calling it fraud. The U.S. lawyer added:

He took the wealth and played roulette with it. He was stealing.

Roos wholly rejected Bankman-Fried’s good religion defense, citing deleted communications and grounds helium acknowledged issues but proceeded anyway. Roos called borderline lending explanations mendacious excuses, saying customers had to opt into borderline programs separately. In conclusion, Roos said: “Let the grounds prevail implicit his storytelling. He lied. He is guilty. Reach that verdict: that helium is guilty.”

What bash you deliberation astir the national prosecutor’s closing arguments against Sam Bankman-Fried? Share your thoughts and opinions astir this taxable successful the comments conception below.