In a dramatic turn of events at the trial of FTX founder Sam Bankman-Fried, the prosecution delivered a piercing rebuttal to the defense's arguments, likening the defendant's actions to stealing from a jewelry shop without a security guard.
This vivid analogy was part of the prosecution's closing statements, highlighting the gravity of Bankman-Fried's alleged fraud.
Assistant U.S. Attorney Danielle Sassoon argued before the court that the defendant's polished demeanor on direct examination shifted dramatically under cross-examination, implying that his story was inconsistent and fabricated, Inner City Press reported. Despite dazzling Congress and the media with his knowledge, Bankman-Fried stated he was unaware of the critical code or database details, authorizing "ginormous expenditures" without proper oversight.
The prosecution's stance is clear: had customers known the true state of affairs, they would never have invested their money. Sassoon dismissed the defense’s suggestion that the lack of a risk officer was a legitimate excuse, stating, "You can't go into a jewelry store and steal, then say, 'There was no security guard.'"
Moreover, the prosecution accused Bankman-Fried of attempting to raise money in the Middle East to fill what Sassoon described as a "giant, massive, unrepayable hole," pointing to this as evidence of "conscious avoidance" and furtherance of a fraudulent conspiracy.
Sassoon also refuted the defense’s claim that Bankman-Fried's deletion of a tweet exonerated him, calling it a "joke" and accusing him of trying to trick customers and destroy evidence.
This comes alongside allegations that Bankman-Fried made false statements to the press and believed he would never be caught.
The trial's outcome is being closely watched by the cryptocurrency community, especially as the industry prepares for Benzinga's Future of Digital Assets conference on Nov. 14, which promises to address the need for transparency and trust in the digital finance sphere in the wake of such high-profile cases.
As the jury is set to begin deliberations, Judge Kaplan reminded jurors that the burden of proof lies with the prosecution and that the defendant has pleaded not guilty.
Industry titans BlackRock, DTCC, OCC, State Street, Société Générale, Hedera, Citi, BMO, Northern Trust, Citibank, Amazon, S&P Global, Google, Invesco, and Moody’s will join our November 13 Fintech Deal Day and November 14 Future of Digital Assets. Secure a spot here to join them!
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