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The trial of the previous CEO of the defunct crypto trade FTX, Sam Bankman-Fried (SBF), is step by step coming to an finish because the defendant’s destiny may very well be determined beginning on November 2. The defendant faces as much as 110 years if discovered responsible of all fees by members of the jury.
Time For A Verdict In Sam Bankman-Fried’s Case
The prosecution and protection have been each capable of give their closing arguments on November 1, thereby paving the way in which for the jury to start deliberating on a verdict for every cost beginning on November 2. Nonetheless, earlier than then, the prosecution could have an opportunity to make a concluding argument, which is named a rebuttal.
It’s anticipated that this shouldn’t take a lot time, which implies the Jury may get directions the identical day and proceed to present their verdicts. It, nevertheless, stays to be seen how lengthy members of the jury will take to make their resolution as they’re meant to determine if the prosecution proved its case past affordable doubt for every cost.
FTT value at $1.2 | Supply: FTTUSDT on Tradingview.com
Closing Arguments: Full Circle Second
When Bankman-Fried’s case started 4 weeks in the past, the prosecution’s opening argument was clear and concise as they alleged that the defendant misappropriated prospects’ funds and he knew what he was doing. Alternatively, the Protection argued that he acted in “good religion” and that he didn’t defraud anybody.
4 weeks on, each events have been telling the identical story as they gave their closing arguments. Simply that this time, they’d laid the inspiration for his or her assertions, having referred to as a number of witnesses and tendered a number of reveals to bolster their case.
As is the norm, the prosecution was the primary to present its closing arguments, which Assistant US Legal professional Ross dealt with. The prosecutor first alluded to how Bankman-Fried’s “Pyramid of deceit” got here to gentle a few yr in the past when prospects have been unable to withdraw their funds following a financial institution run on the crypto trade.
He said that over time, it turned clear that the defendant was accountable for the trade’s collapse as he spent his prospects’ cash and lied about it. As to the place it went, the defendant used these funds to cowl bills, buy properties, and make political donations.
In the meantime, Bankman-Fried’s major counsel, Mark Cohen, took the closing argument for the protection. He said that there was no legal intent on Bankman-Fried’s half and famous that none of the witnesses testified that the defendant advised them to violate the regulation. In keeping with him, Bankman-Fried acted in “good religion” and that any mistake he made alongside the way in which can not taken as a criminal offense.
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