A decision in the SBF trial may be reached by the conclusion of Thursday, coinciding with the one-year anniversary of the CoinDesk revelation that led to the downfall of his business empire.
Twelve individuals from New York will commence deliberations on FTX founder Sam Bankman-Fried’s future on Thursday, with the possibility of delivering a verdict later that day. Notably, this coincides with the one-year anniversary of the CoinDesk report that triggered the downfall of the former cryptocurrency mogul.
Assistant U.S. Attorney Danielle Sassoon, during the government’s closing statement to the jury on Thursday, highlighted Bankman-Fried’s actions, asserting that assuring customers that their “assets are safe” and subsequently diverting those funds for personal and corporate use is not a ‘reasonable business decision.’ Instead, she characterized it as an act of fraud. This echoed a phrase utilized by Bankman-Fried’s defense attorney in their closing argument a day earlier
The jurors will shortly be sent to fulfill their responsibility, which involves examining the seven fraud and conspiracy allegations confronting Bankman-Fried. This will take place once Judge Lewis Kaplan completes the instruction session. The primary contention put forth by the government is that Bankman-Fried inappropriately utilized funds totaling billions of dollars, which belonged to users of his FTX cryptocurrency exchange. These funds were allegedly redirected to various enterprises, political candidates, and real estate endeavors through Alameda Research, his cryptocurrency trading company.
Sassoon concluded the U.S. Department of Justice’s case against the disgraced crypto founder by emphasizing that Bankman-Fried violated an essential and unbreakable rule in handling FTX customer funds. She stressed the principle that “Your money is your own,” asserting that it should not be utilized by others.
In her closing statement, Sassoon aimed to challenge the arguments made by defense attorney Mark Cohen, who had appealed to the jury to consider whether a genuine fraudster would willingly participate in an interview on “Good Morning America” shortly after facing allegations of criminal activity. She contended that Bankman-Fried’s extensive media appearances following the collapse were an attempt to portray himself as trustworthy.
Regarding Bankman-Fried’s decision to repay lenders in the final days of his crypto empire rather than hoarding customer funds for personal gain, the prosecutor suggested that he did not intend to “abscond with the money” and risk exposure. She maintained that even after the purported collapse of FTX on November 7, he still believed he could deceive the public.