The trial of Sam Bankman-Fried, former FTX CEO, is drawing to a close, with the prosecution planning to conclude its case on October 26.
Over the past three weeks, the prosecution has presented nearly 20 witnesses, including former FTX employees, customers, investors, government officials, and law enforcement agents. At the heart of the case is the claim that Bankman-Fried intentionally deceived these individuals and was responsible for the $8 billion discrepancy between FTX and Alameda Research in November 2022.
![Sam Bankman-Fried Trial Enters Final Stages image 113](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/10/image-113.png?resize=947%2C806&ssl=1)
![Sam Bankman-Fried Trial Enters Final Stages image 113](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/10/image-113.png?resize=947%2C806&ssl=1)
As for the defense, it’s still uncertain whether they will present a case, as attorneys are not obligated to do so in criminal trials. Assuming the defense proceeds, their case will commence on October 26. Bankman-Fried’s legal team, led by Mark Cohen and Christian Everdell, has faced challenges in presenting a coherent narrative to the jurors. They struggled during the cross-examination of Bankman-Fried’s former close associates who cooperated with the government, accusing him of directing them to commit crimes.
During the trial, District Judge Lewis Kaplan expressed frustration with both parties’ lawyers, particularly after a witness fled Texas for the trial and could only provide minimal testimony. In the past week, former FTX engineering director Nishad Singh testified that Bankman-Fried instructed him to make venture investments using loans from Alameda. Singh claimed he was unaware that these funds were connected to FTX customers’ deposits and now faces serious charges related to defrauding crypto exchange users.
Additionally, FTX’s former general counsel, Can Sun, presented a spreadsheet that tracked $2.1 billion in loans to Bankman-Fried and other executives. Sun admitted to being unaware of the commingling of funds between FTX and Alameda and is cooperating with the government.
If Sam Bankman-Fried is found guilty of fraud and conspiracy to commit fraud, he could potentially face a maximum prison sentence of 115 years. The trial has revealed the complexities and challenges in the legal proceedings, with significant implications for the future of the case.
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