{"id":79093,"date":"2023-10-31T19:05:52","date_gmt":"2023-10-31T23:05:52","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/closing-arguments-to-begin-tomorrow-in-sbf-trial-closing-arguments-to-begin-tomorrow-in-sbf-trial\/"},"modified":"2023-10-31T19:05:56","modified_gmt":"2023-10-31T23:05:56","slug":"closing-arguments-to-begin-tomorrow-in-sbf-trial-closing-arguments-to-begin-tomorrow-in-sbf-trial","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=79093","title":{"rendered":"Closing Arguments to Begin Tomorrow in SBF Trial Closing Arguments to Begin Tomorrow in SBF Trial"},"content":{"rendered":"<div>\n<p><noscript><\/noscript><\/p>\n<p>The jury is set to deliberate shortly in the trial of FTX founder Sam Bankman-Fried, with closing arguments scheduled for first thing Wednesday morning.<\/p>\n<p>The defense rested its case mid-day Tuesday following weeks of testimony from former FTX executives, including former Alameda Research CEO, Caroline Ellison, FTX co-founder and former chief technology officer, Gary Wang, and former head of engineering for FTX, Nishad Singh.\n<\/p>\n<h2>Preparing jury instructions<\/h2>\n<p>\nOn Tuesday afternoon, Judge Kaplan, the government, and the defense held a charge conference to further determine instructions for the jury before they begin their deliberations. The jury was sent home mid-day as the parties hammered out final details.<\/p>\n<p>It is unclear how long the jury may take before reaching a verdict, however, Bankman-Fried finds himself in a challenging position, with less than 1% of federal criminal defendants acquitted in 2022.<\/p>\n<p>If convicted, Bankman-Fried faces a maximum sentence of over 100 years in prison.\n<\/p>\n<h2>SBF faces off in court with former executives<\/h2>\n<p>\nBankman-Fried has continually deflected responsibility off of himself, instead shifting blame towards co-conspirators Ellison, Singh, and Wang, while insisting he acted in good faith with no intent to defraud anyone.<\/p>\n<p>However, Ellison, Singh, and Wang, all testified against their former boss under a cooperation agreement with the US government in hopes of a reduced sentence.<\/p>\n<p>According to Tim Enneking, Managing Partner at Psalion and CEO of Presearch.com Inc., Ellison\u2019s testimony was \u201cthe most damaging.\u201d<\/p>\n<p>\u201cShe appears to have worn many hats in her relationship with Mr. Bankman-Fried,\u201d Enneking shared.<\/p>\n<p>During her time on the witness stand, Ellison painted Bankman-Fried as a \u201cdistant\u201d boyfriend during their years-long tumultuous relationship. Moreover, she claimed she was made to feel like \u201can unequal partner\u201d throughout their romance, citing concerns \u201cabout the intersection of our personal and professional relationship.\u201d<\/p>\n<p>Reflecting on her time at Alameda Research, Ellison claimed Bankman-Fried was a self-described utilitarian who believed \u201cmaximized utility\u201d was the only \u201cmoral rule that matters.\u201d Furthermore, Ellison, Singh, and Wang testified that they largely deferred to Bankman-Fried as founder and CEO, with Ellison claiming \u201che was the one who set up these systems to take customer money.\u201d\n<\/p>\n<h2>SBF\u2019s risky testimony<\/h2>\n<p>\nBankman-Fried\u2019s decision to testify came at the risk of contradicting himself on the stand, with the prosecution pointing out seemingly numerous inconsistencies from prior statements from the defendant. Oftentimes, Bankman-Fried stated \u201cI don\u2019t recall\u201d when fielding questions from the prosecution.<\/p>\n<p>\u201cPerjury is certainly in the cards,\u201d Enneking said. However, Bankman-Fried would most likely \u201chave to completely flip his story\u201d for the judge to push forward with it.<\/p>\n<p>\u201cIt\u2019s a crime that\u2019s very rarely punished,\u201d Enneking shared.<\/p>\n<p>Bankman-Fried is expected back in court tomorrow ahead of closing arguments.<\/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\/closing-arguments-to-begin-tomorrow-in-sbf-trial.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The jury is set to deliberate shortly in the trial of FTX founder Sam Bankman-Fried, with closing arguments scheduled for first thing Wednesday morning. The defense rested its case mid-day Tuesday following weeks of testimony from former FTX executives, including former Alameda Research CEO, Caroline Ellison, FTX co-founder and former chief technology officer, Gary Wang, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":79094,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-79093","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Closing Arguments to Begin Tomorrow in SBF Trial Closing Arguments to Begin Tomorrow in SBF Trial | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The jury is set to deliberate shortly in the trial of FTX founder Sam Bankman-Fried, with closing arguments scheduled 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