Deliberations Commence for FTX Founder Sam Bankman-Fried’s Fraud Trial: Discover the Latest Updates

Former FTX Chief Executive Sam Bankman-Fried faces fraud charges over the collapse of the bankrupt cryptocurrency exchange. As the jury in his trial begins deliberations, prosecutors allege that Bankman-Fried stole billions of dollars of customer funds. The outcome of the trial will determine the fate of Bankman-Fried, whose fortune was once estimated at $26 billion by Forbes. Bankman-Fried has pleaded not guilty to the charges of fraud and conspiracy, and the jurors will need to reach a unanimous verdict. The jury has until 8:15 p.m. EDT on Thursday to deliberate, but it’s possible that deliberations could extend into next week. Prosecutors claim that Bankman-Fried engaged in one of the largest financial frauds in U.S. history, looting customer funds to support his hedge fund, make speculative investments, and donate to political campaigns. They argue that Bankman-Fried directed the alteration of FTX’s computer code to facilitate fund transfers, as well as falsified financial statements. In her closing argument, prosecutor Danielle Sassoon accused Bankman-Fried of lying to gain the trust of customers and then disregarding the rules. Bankman-Fried, who took the stand in his own defense, admitted to mistakes but denied any intent to commit fraud. His defense lawyer, Mark Cohen, argued that it’s not a crime to make business decisions in good faith or to have poor risk management. The defendant’s fate now rests with the jury, with Bankman-Fried potentially facing decades in prison if convicted.

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