- SBF’s trial is nearing the end.
- Both sides presented their closing remarks in Wednesday’s hearing.
- The defense made an emotional pitch to the jury.
On November 1, prosecutors and the defense team raised emotional arguments, clashing over whether disgraced FTX founder Sam Bankman-Fried (SBF) swindled billions of customer funds through lies or he is just an unconventional CEO who made poor decisions.
According to prosecutors, Bankman-Fried amassed a stupendous fortune by turning his crypto exchange into a “pyramid of deceit.”
SBF’s defense countered that the fallen crypto mogul is an “awkward high-school math nerd,” unfairly characterized by the prosecutors as “some sort of monster.”
SBF’s Defense Seeking Jury Acquittal
As SBF sat ramrod-still inside the courtroom, sometimes blinking heavily without his usual jitters, the lead counsel in his defense, Mark S. Cohen, recited moving closing remarks to the jury.
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In a soft and nearly-pleading rebuttal appealing to the jury to acquit his client, Cohen painted a different picture of Bankman-Fried, an inverse of how the government depicted the embattled crypto’s golden boy.
Terming the narrative an “alternative history,” Cohen claimed that the government based its case against Bankman-Fried on the “false premise” that FTX was a fraud from the get-go when, in fact, the prosecution failed to establish that SBF knew about the financial problems at the exchange until the fall of 2022.
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According to Cohen, to paint Bankman-Fried as a movie villain, the government deliberately targeted his hair, clothes, and sex life while building its case.
“Here we are, finally, before you, in your hands. You’ll find Sam acted in good faith; he didn’t want to defraud. Find him not guilty,” Cohen submitted.
While the defense’s closing argument was as emotional and submissive as possible, the prosecution went above and beyond to push for a “guilty as charged” verdict.
What’s Next?
Sam Bankman-Fried’s fate now lies with the 12-member jury, which has already heard several damning testimonies against the fallen crypto billionaire, with some accounts coming from his close confidants, including his former paramour and ex- CEO of Alameda Research, Caroline Ellison.
If convicted on all counts, SBF risks decades behind bars.
As for the government, the prosecutors pointed out that SBF “thought he could talk his way out of this,” adding that the MIT graduate wasn’t “clueless” while commissioning crimes as the defense avers.
Read more about the government’s closing remarks in SBF’s trial:
SBF Trial Is About Greed, Not Crypto, DOJ Argues in Closing
Stay updated on the defense’s instructions to the jury in SBF’s trial:
SBF’s Lawyers Seek “Not Guilty” Verdict in Jury Instructions
