DOJ Slams SBF’s Illusionary Wealth, Power, and Influence

In an opening statement, prosecutors in the SBF criminal trial have dismissed his wealth and influence as an utter lie.

SBF looking from a trash bag next to him are fake diamonds and empire.
Created by Kornelija Poderskytė from DailyCoin
  • SBF’s trial began with opening statements from both parties.
  • The prosecution painted SBF as a fraud mastermind.
  • The defense team rebutted the allegations.

Sam Bankman-Fried’s (SBF) criminal trial entered the second day with a full jury selection and opening remarks from both the prosecution and the defense sides.

In what Judge Lewis A. Kaplan termed “trailers of a movie,” the opening statements were nothing short of two versions of reality, as both parties painted a vivid picture of SBF to the jurors, who were instructed not to research the case on their own.

The DOJ’s Opening Statement

After the successful selection of a 12-member jury for the trial, Judge Kaplan invited Assistant United States Attorney Thane Rehn and SBF’s counsel Mark Cohen to issue opening remarks on Bankman-Fried’s alleged role in the collapse of FTX crypto exchange, as well as the events that led to its bankruptcy in November 2022.

Reports privy to how the court drama unfolded noted that the U.S. attorney started his opening remarks by calling out SBF for allegedly committing “a massive fraud” enabled by wealth, power, and influence built on lies.

According to the prosecutor, Bankman-Fried amassed a stupendous fortune by swindling billions of dollars from thousands of victims, despite knowing that his crypto exchange was unsafe and that he would take the money and spend it.

“He spent it on himself and political contributions. The customers were left with billions in losses. We are here today to hold him accountable,” Thane Rehn stated.

Notably, SBF’s ex-paramour and former CEO of Alameda Research, Caroline Ellison, was adversely mentioned in the opening remarks, with the prosecutor informing the jury that she’ll tell them how they “stole money together” with SBF.  

SBF’s Counsel Rebuttal

In stark contrast, the defense team tried to persuade the jury that SBF was not a fraud mastermind and blamed some of the issues that led to FTX’s collapse on Ellison.

Per the counsel’s submission, SBF is a young, enterprising individual whose poor business decisions didn’t pan out to serve his best intentions at the crypto exchange.

Read how SBF wanted to block a witness’s testimony before the trial began:
SBF Attempts to Block Witness Testimony Ahead of His Trial

Read how SBF contemplated buying off Donald Trump:
Biographer Unpacks SBF’s Plot to Buy off Trump for $5B

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.