{"id":8366,"date":"2023-11-01T23:38:04","date_gmt":"2023-11-01T23:38:04","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/the-prosecution-and-the-defense-in-sbf-trial-face-off-during-closing-arguments\/"},"modified":"2023-11-01T23:38:06","modified_gmt":"2023-11-01T23:38:06","slug":"the-prosecution-and-the-defense-in-sbf-trial-face-off-during-closing-arguments","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=8366","title":{"rendered":"The Prosecution and the Defense in SBF Trial Face-off during Closing Arguments"},"content":{"rendered":"<div>\n<p><noscript><\/noscript><\/p>\n<p>Defense attorney Mark Cohen claimed the prosecution in the trial of FTX founder Sam Bankman-Fried \u201chas sought to turn Sam into some sort of monster.\u201d<\/p>\n<p>The defense likened the prosecution\u2019s characterization of Bankman-Fried<\/p>\n<p>as a villain in a movie while failing to take \u201ca real-world perspective.\u201d<\/p>\n<p>The defense argued that the prosecution intentionally painted Bankman-Fried in a negative light when they showed a picture of the former \u201cking of crypto\u201d with a deck of cards to jurors while discussing his aptitude to take risks. Cohen claimed that, in actuality, Bankman-Fried did not gamble and used the deck of cards \u201cto control his fidgeting.\u201d<\/p>\n<p>\u201cWe\u2019ll agree that Sam was probably the worst-dressed CEO in the world and had the worst haircut,\u201d Cohen claimed. However, Cohen continued that \u201cSam\u2019s appearance and romantic relationships have nothing to do with whether he\u2019s guilty or not.\u201d\n<\/p>\n<h2>The prosecution claims SBF was \u201cgambling with customer money\u201d<\/h2>\n<p>\nCohen\u2019s closing arguments are a far cry from what U.S. Assistant Attorney Nicolas Roos claimed in the prosecution\u2019s closing arguments earlier Wednesday.<\/p>\n<p>\u201cHe was gambling with customer money,\u201d Roos said.<\/p>\n<p>The prosecution primarily argued that Bankman-Fried\u2019s \u201cevasive\u201d testimony, combined with the testimony of his own co-conspirators, is sufficient enough to be considered fraud. Roos claimed there were incidents where Bankman-Fried \u201cwas presented with a choice to double down about coming clean or to keep digging the hole deeper\u201d but ultimately chose \u201ca criminal path.\u201d<\/p>\n<p>\u201cFollow the truth,\u201d Roos instructed jurors. \u201cLet the evidence prevail over his storytelling.\u201d<\/p>\n<p>\u201cDo justice,\u201d Roos concluded. \u201cReach the only verdict that\u2019s consistent with the truth.\u201d\n<\/p>\n<h2>The defense claims SBF acted in \u201cgood faith\u201d<\/h2>\n<p>\nCohen pushed back the prosecution\u2019s claims by arguing that Bankman-Fried did not knowingly commit wrongdoing.<\/p>\n<p>While Cohen acknowledged FTX\u2019s risk management system was far from robust, he argued that \u201cbad business decisions are not a crime.\u201d<\/p>\n<p>Cohen claimed Bankman-Fried\u2019s decision to testify before Congress and talk to the media on various occasions as evidence of his innocence, with the defendant believing he acted in \u201cgood faith\u201d while running the failed crypto exchange.<\/p>\n<p>The defense also argued that \u201ccustomers were always essentially borrowing from each other\u201d on FTX, suggesting Alameda Research had the right to do so as well.<\/p>\n<p>\u201cThere\u2019s nothing wrong with margin trading,\u201d Cohen surmised.\n<\/p>\n<h2>Spending was \u201crelative\u201d to FTX\u2019s size<\/h2>\n<p>\nThe defense then tried to justify numerous investments Bankman-Fried made with customer funds by arguing they were \u201crelative\u201d to the company\u2019s size.<\/p>\n<p>This supposedly included numerous real estate deals worth millions of dollars, including Bankman-Fried\u2019s $30 million penthouse that housed several of his employees. With FTX headquartered in the Bahamas, Cohen claimed Bankman-Fried simply needed to find \u201cappealing housing for skilled work professionals\u201d in order to get them to relocate.<\/p>\n<p>Moreover, Cohen claimed it was necessary for his client to extend Alameda Research\u2019s line of credit on FTX in order for the company to have enough collateral to support trades on the platform, citing an auto deleveraging event in 202o that could have cost the company trillions of dollars if not rectified.<\/p>\n<p>It was \u201cdone to help customers, not hurt customers,\u201d Cohen alleged.<\/p>\n<p>Bankman-Fried is expected back in court tomorrow, with jurors set to begin deliberations in the coming days.<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/the-prosecution-and-the-defense-in-sbf-trial-face-off-during-closing-arguments.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Defense attorney Mark Cohen claimed the prosecution in the trial of FTX founder Sam Bankman-Fried \u201chas sought to turn Sam into some&#8230;<\/p>\n","protected":false},"author":1,"featured_media":8367,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-8366","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ 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