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☆ What Sam Bankman-Fried’s Conviction Says About the Fight Against Financial Fraud - The New York Times
▼ + stars: | 2023-11-13 | by ( Ankush Khardori | ) www.nytimes.com time to read: +3 min

Under the Biden administration, Mr. Garland and Deputy Attorney General Lisa Monaco have made several overlapping efforts in this area. Mr. Bankman-Fried’s case was highly unusual, in large part because he became remarkably prominent in political circles and among certain members of the media. We can hire more qualified investigators and prosecutors in Washington to pursue these cases. Policy and organizational changes within the Justice Department may help a bit, but just as important (if not far more so), we also need to ensure that U.S. attorney’s offices and F.B.I. Ideally, Congress would do its part by significantly increasing funding for hiring more prosecutors, investigators and support staffs, and by committing to this effort as a yearslong national priority.

Persons: Biden, Garland, Lisa Monaco, Bankman Organizations: Justice Department Locations: Washington, New York, Chicago, Los Angeles

☆ Bankman-Fried’s Parents Stand By Their Sam—And Face Their Own Legal Perils
▼ + stars: | 2023-11-12 | by ( Justin Baer | ) www.wsj.com time to read: 1 min

Barbara Fried wanted to get close to her son. During breaks in the monthlong criminal fraud trial of her firstborn child, Sam Bankman-Fried , she would sometimes leave her seat and walk up to the railing that separated him from the gallery. Watching him and his lawyers, often in silence, she was just inches away yet no more able to intervene on his behalf or prevent the conviction that many saw coming.

Persons: Barbara Fried, Sam Bankman

☆ Key Witness at Sam Bankman-Fried Trial to Launch New Crypto Exchange
▼ + stars: | 2023-11-11 | by ( Angus Berwick | Peter Rudegeair | ) www.wsj.com time to read: 1 min

Can Sun, FTX former general counsel, cooperated with the investigation that led to Sam Bankman-Fried’s conviction. Photo: Stephanie Keith/Bloomberg NewsA group of former FTX executives, including one who served as a key witness against Sam Bankman-Fried, are teaming up to build a new cryptocurrency exchange that aims to solve the problems that doomed their previous employer. Trek Labs, a Dubai-based startup led by the former FTX general counsel Can Sun , received a license from the emirate’s crypto regulator last month.

Persons: Sam Bankman, Stephanie Keith, Sun Organizations: Bloomberg, Trek Labs Locations: Dubai

☆ Why Are We So Obsessed With Sam Bankman-Fried’s Parents?
▼ + stars: | 2023-11-11 | by ( Katie Roiphe | ) www.wsj.com time to read: +1 min

During the trial for disgraced crypto-wunderkind Sam Bankman-Fried , the courtroom artist did an inspired, almost abstract evocation of his parents at the moment of the crushing verdict. His father is bent over, white head in his hands, his mother is covering her face; the shadowing of their dark clothes merges them into a single mountain of unspeakable grief. Journalists in the room were equally riveted by their reaction, writing about Barbara Fried “crumpling” and Joe Bankman “doubling over” and of them “holding each other up.” Covering their faces would not shield them from the intense scrutiny aimed in their direction. As Stanford law professors, they are an unlikely couple to be watching their son remove his tie and shoelaces as he is taken off to jail. Fried taught legal ethics, and Bankman has focused on financial regulation—details that would seem a little heavy-handed in their irony if they were in a novel someone was writing.

Persons: Sam Bankman, Barbara Fried, ”, Joe Bankman “, Fried, Bankman Organizations: Journalists, Stanford

There are three classic theories:Deterrence: Severe sentences send a message to would-be criminals and prevent crimes. “If you’re going to deter, you have to reach an audience,” John Coffee, a Columbia University law professor and an expert on white-collar crime, told DealBook. Incarceration for economic crimes has an “expressive value,” Taub said. Bankman-Fried was famously obsessed with calculating risk — an effective sentence would signal to others like him that it’s not worth rolling the dice. — Ephrat LivniWe want to hear from you: How should judges approach sentencing for white-collar crime?

Persons: ” John Coffee, DealBook, Coffee, warranting, Judge Kaplan, Jennifer Taub, Taub, ” Taub, Fried, it’s, — Ephrat Livni, Biden, Sienna, Donald Trump Organizations: Columbia University, Alameda Research, Democratic, Biden, Times Locations: Western, England, Alameda, Virginia , Kentucky , Ohio, Pennsylvania

☆ Why Are We So Obsessed with Sam Bankman-Fried’s Parents?
▼ + stars: | 2023-11-10 | by ( Katie Roiphe | ) www.wsj.com time to read: +1 min

Persons: Sam Bankman, Barbara Fried, ”, Joe Bankman “, Fried, Bankman Organizations: Journalists, Stanford

Apple | Spotify | Amazon Listen and follow ‘Hard Fork’Warning: this episode contains some explicit language. OpenAI has unveiled a new way to build custom chatbots. Kevin shows off a few that he has built — including a custom “Hard Fork” bot and a bot that gives investment advice inspired by his late grandfather. Then, we talk to Lina Khan, the chair of the Federal Trade Commission, about the agency’s approach to regulating A.I. That, and Sam Bankman-Fried’s recent fraud conviction, have us asking, How much damage hath the crypto world wrought?

Persons: OpenAI, Kevin, Lina Khan, Sam Bankman Organizations: Apple, Spotify, Federal Trade Commission

☆ Opinion: Israel-Hamas war’s endgame
▼ + stars: | 2023-11-05 | by ( Richard Galant | ) edition.cnn.com time to read: +20 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. Last week, as Israel continued its military response to the October 7 Hamas terror attack, its political goals — and potential endgame — remained a source of huge controversy. Join us on Twitter and Facebook“Take, for example, the Israel Defense Forces strike on Gaza’s Jabalya refugee camp on Tuesday. “Following the horrific massacre in Israel by Hamas terrorists on October 7, I felt an intense, relentless grief. Though Perry wanted to escape Chandler, he kept him around, because heaven forbid anyone saw what he was hiding.”

Persons: Gideon Rose, ”, ” Rose, —, Joe Biden, Robert A . Pape, “, ” DJ Rosenthal, Obama, ’ inhumanity, Jordan, Antony Blinken, ” Shai Davidai, Nadia AbuShaban, Hashem, David Shulkin, Peter Bergen, Hillary Clinton, Donald Trump, Karl Rove, “ Mike Pence, Geoff Duncan, Nikki Haley, Duncan, Ron DeSantis, ” Haley, DeSantis, Lisa Benson, GoComics.com, Michael Ramirez, Trump, Norman Eisen, Joshua Kolb, Donald Trump’s, ” Eisen, Kolb, Leah Abucayan, CNN Maggie Jackson, ” She’s, Gabriel Levin, Frida Ghitis, ‘ Allahu akbar, ’, Ghitis, Wen, Julian Zelizer, Johnson’s, Mike Johnson’s, Biden, ” Paul Krugman, Johnson, Mike Johnson, ’ ”, John Avlon, “ Merriam, It’s, Benjamin Franklin, ’ ” Drew Sheneman, Nicole Hemmer, SBF Clay Jones, Sam Bankman, Howard Fischer, ” Fischer, Sophie Compton, Reuben Hamlyn, “ Chillingly, Taylor, Compton, Hamlyn, Walt Handelsman, Laura Tillman, ” Don’t, Jill Filipovic, Celia Wexler, Pope Francis, Elena Sheppard, ‘, Matthew Perry, Chandler Bing Reisig, Dean Obeidallah, Perry, Chandler Bing, Chandler, ” “ Chandler, I’m Chandler, ‘ I’m, ” Perry, ” Holly Thomas, “ Perry, Roger Organizations: CNN, University of Chicago, ”, Hamas, US National Security Council, Twitter, Facebook, Israel Defense Forces, Israel, Columbia Business School, “, New York Times, Street Journal, GOP, Republican, Trump, UN, Florida Gov, Wednesday’s GOP, Supreme, White, Cornell University, The Cornell Daily Sun, Cornell, Progressives, Internal Revenue Service, Congressional, Office, Electoral College, America, Agency, FBI, NBCU, Bank, Getty Locations: States, Iraq, Israel, Southern Lebanon, Lebanon, Palestinian, “ Israel, Bolivia, Chile, Colombia, Tel Aviv, Gaza, ”, Florida, Wednesday’s, Rhode, Rhode Island, Dagestan, Russian, Lewiston , Maine

☆ After a year in FTX’s shadow, the crypto industry is deligting in Bankman-Fried’s conviction
▼ + stars: | 2023-11-04 | by ( Manav Tanneeru | Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —It took just under a year for Sam Bankman-Fried to go from crypto wunderkind to convicted felon. When Bankman-Fried’s crypto empire collapsed last November, it sent the fledgling industry back years. For the crypto faithful who are still standing and striving, the trial couldn’t be over soon enough. “A lot of folks in the crypto industry are delighted,” said Yesha Yadav, a law professor and associate dean at Vanderbilt University. “There’s definitely an element of ‘ding-dong the witch is dead,’” said Eric Soufer, a political adviser to major crypto companies, referring to Bankman-Fried’s conviction.

Persons: Sam Bankman, Fried, ”, Bobby Zagotta, “ SBF, Yesha Yadav, “, FTX, they’ll, Bernie Madoff, Elizabeth Holmes, Gary Gensler, “ There’s, ’ ”, Eric Soufer Organizations: New, New York CNN, Vanderbilt University, BlackRock, Fidelity, Justice Department, Securities and Exchange Commission, SEC Locations: New York, European

☆ The 5 most memorable moments from the Sam Bankman-Fried trial
▼ + stars: | 2023-11-03 | by ( Jordan Valinsky | Allison Morrow | ) edition.cnn.com time to read: +5 min

New York CNN —Sam Bankman-Fried was found guilty Thursday following a monthlong trial that was almost as wild as the rapid rise and fall of cryptocurrency exchange FTX itself. He was found guilty of stealing billions of dollars from accounts belonging to customers of FTX. During the trial, Bankman-Fried took the unusual – and risky – decision to testify in his own defense. “I was kind of busy and lazy and didn’t bother getting a haircut for long periods of time,” Bankman-Fried said. “No offense to the Kansas City Royals, but we didn’t want to be known as the Kansas City Royals of crypto exchanges,” SBF testified.

Persons: Sam Bankman, Fried, Bernie Madoff’s, Caroline Ellison, SBF’s, Mark Cohen, ” Cohen, “, ”, Cohen, SBF, Ellison, ” SBF, Lewis Kaplan, Kaplan interjected, Bankman, Danielle Sassoon, …, Sassoon, ’ Organizations: New, New York CNN, Alameda Research, Miami Heat, American Airlines, FTX, New Orleans Saints, Kansas City Chiefs, Kansas City Royals, Kaseya, PR, Alameda Locations: New York, FTX, Bahamas, United States, Kansas City, Bankman, China, Alameda

☆ Breakingviews: SBF’s guilty verdict will help crypto break free
▼ + stars: | 2023-11-03 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +4 min

REUTERS/Jane Rosenberg Acquire Licensing RightsNEW YORK, Nov 2 (Reuters Breakingviews) - Just over a year ago, Sam Bankman-Fried might have been counting his large stash of virtual coins. A Manhattan jury on Thursday convicted the FTX founder of seven counts related to crimes he committed at the helm of the now-bankrupt cryptocurrency exchange. With some $8 billion in customer funds stolen, his misdeeds will go down as one of the biggest financial frauds on record. To be sure, the speculative bubble in crypto would probably have deflated even without Bankman-Fried. The bankrupt exchange is also negotiating with three bidders to help it relaunch trading services, Bloomberg reported last month.

Persons: Lewis Kaplan, Sam Bankman, Fried, Jane Rosenberg, FTX, John J, Ray III, Nicolas Roos, Peter Thal Larsen, Thomas Shum Organizations: REUTERS, Reuters, Galaxy Digital, Three, BlackRock, Bloomberg, Thomson Locations: New York City, U.S, Manhattan

☆ Sam Bankman-Fried Was a Grown Up Criminal, Not an Impulsive Man-Child
▼ + stars: | 2023-11-03 | by ( Ginia Bellafante | More About Ginia Bellafante | ) www.nytimes.com time to read: +2 min

Sam Bankman-Fried, crypto’s Icarus, was convicted of seven counts of fraud and conspiracy on Thursday night after a trial that generated 10 million pages of documents and only a few hours of jury deliberation. As ever, it is perhaps best to start from the very beginning. Or, in the specific absence of that, what would 12 ordinary people see when they were seated on the other side of the witness stand from him? The prosecution hoped that they would observe a grown man, steeped in self-contradiction and capable of criminality, rather than the 31-year-old boy Mr. Bankman-Fried appeared to be, someone whose adolescent enthusiasms and distractibility caused him to make billions of dollars worth of hapless, innocent errors. In the end, the jury saw only the duplicitous adult.

Persons: Sam Bankman, Michael Lewis, Bankman, “, Fried, Ostentatiously, Shakespeare, distractibility

☆ Who is former crypto king Sam Bankman-Fried?
▼ + stars: | 2023-11-03 | by ( Samantha Delouya | Allison Morrow | ) edition.cnn.com time to read: +9 min

New York (CNN) — Sam Bankman-Fried, once known as a cryptocurrency whiz kid, was found guilty on Thursday for his role in the collapse of the cryptocurrency exchange FTX. His entrepreneurial drive didn’t stop there: In 2019, Bankman-Fried co-founded cryptocurrency exchange FTX and became its CEO. In December 2022, Bankman-Fried was arrested in the Bahamas after US prosecutors filed criminal charges against him. Jane Rosenberg/ReutersBankman-Fried was found guilty of stealing billions of dollars from accounts belonging to customers of his once-high-flying crypto exchange FTX. Immediately following FTX’s crash, crypto exchange Gemini, which was founded by Cameron and Tyler Winklevoss, froze customer redemptions in its lending unit, citing market turmoil.

Persons: — Sam Bankman, FTX, Jane Street, ”, Fried, “, …, ” Sam Bankman, Erika P, Rodriguez, Jane, Caroline Ellison, Binance, Sam Bankman, Danielle Sassoon, District Judge Lewis Kaplan, Jane Rosenberg, Joe Bankman, Barbara Fried, Bankman, Allan Joseph Bankman, Yuki Iwamura, Samuel Bankman, Saul Loeb, ingratiated, Tom Brady, Stephen Curry, Naomi Osaka, Larry David, Cameron, Tyler Winklevoss Organizations: CNN, Jane, Capital, MIT, Alameda Research, Chicago Tribune, Tribune, Service, SoftBank, U.S, District, Reuters, Bloomberg, Royal Bahamas Police Force, Billionaire, Stanford, FTX, Getty, Democratic Party, Federal, Commission, Republican, Agriculture, Nutrition, Forestry, Miami Heat, ”, New Locations: York, Alameda, North Berkeley , California, Nassau, Bahamas, BlackRock, Bankman, Hong Kong, United States, FTT, New York City, U.S, FTX, New York, Washington ,

☆ Live updates: Sam Bankman-Fried found guilty in fraud trial
▼ + stars: | 2023-11-02 | by ( Cnn'S Allison Morrow | ) edition.cnn.com time to read: +1 min

US District Court Judge Lewis Kaplan announced that convicted former FTX CEO Sam Bankman will be sentenced on March 28, 2024. Meanwhile, Bankman-Fried will return to the Metropolitan Detention Center in Brooklyn, where he’s been held since August. Located on the industrial waterfront of Brooklyn’s Sunset Park neighborhood, the MDC has earned a reputation as one of the worst jails in America. Bankman-Fried is also “friendly” with Genaro García Luna, the former head of Mexico’s FBI, who is awaiting sentencing for drug trafficking, this person said. He seemed to have lost weight and, most surprising, his trademark wild locks were gone, shorn into a tight crew haircut.

Persons: Lewis Kaplan, Sam Bankman, Fried, he’s, he’d, Genaro García Luna Organizations: Metropolitan Detention, MDC, CNN, FBI Locations: Brooklyn, Bahamas, Palo Alto, Sunset, America, Honduras

☆ Jury in Sam Bankman-Fried Trial Expected to Begin Deliberations
▼ + stars: | 2023-11-02 | by ( Corinne Ramey | James Fanelli | ) www.wsj.com time to read: 1 min

Earlier: FTX founder Sam Bankman-Fried is on trial for fraud and conspiracy charges after the collapse of his crypto empire last year. WSJ’s Alexander Osipovich breaks down what happened to FTX and what to look for as the trial unfolds. Photo illustration: Annie ZhaoJurors are expected to begin deliberating Thursday afternoon on whether FTX founder Sam Bankman-Fried is guilty of fraud and other crimes that contributed to the collapse of the crypto exchange. The deliberations cap a nearly monthlong trial in which jurors heard testimony from more than 20 witnesses, including Bankman-Fried. On Thursday morning, a prosecutor delivered a rebuttal to the closing arguments made by Bankman-Fried’s defense team.

Persons: Sam Bankman, WSJ’s Alexander Osipovich, Annie Zhao, Fried

The nearly monthlong trial, in courtroom 26A in downtown Manhattan, of one-time crypto billionaire Sam Bankman-Fried was courtroom drama. The line to get into the courthouse could start as early as 11:30 p.m. the night before, and, on some days, courtroom slots were claimed by 4:30 a.m. Anyone who didn’t make it into the courtroom could watch the action on TV screens in overflow rooms. There, it could get rowdy, with laughing or heckling in response to witness testimony.

Persons: Sam Bankman, Fried Locations: Manhattan

☆ Verdict reached in Sam Bankman-Fried fraud trial
▼ + stars: | 2023-11-02 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —Sam Bankman-Fried was found guilty on Thursday for his role in the collapse of crypto exchange FTX. Bankman-Fried looked sunken as the verdict was read out. Bankman-Fried was found guilty of stealing billions of dollars from accounts belonging to customers of his once-high-flying crypto exchange FTX. During his trial, Bankman-Fried said he learned in 2020 that FTX customer funds were held by Alameda but he did not take action to safeguard them. But, unlike bank customers, FTX depositors had no federal insurance fund to compensate them when the cash dried up.

Persons: Sam Bankman, Fried, Joe Bankman, Barbara Fried, Bernie Madoff’s, FTX, Tom Brady, Gisele Bundchen, Gary Wang, Nishad Singh, Wang, Singh Organizations: New, New York CNN, Alameda Research, Bankman, Miami, Chief Locations: New York, Alameda, FTX, Bahamas

☆ Sam Bankman Fried’s fate is now officially in the hands of 12 jurors
▼ + stars: | 2023-11-02 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —Sam Bankman-Fried’s fate is now officially in the hands of a jury of his peers. Chief among those errors, according to his own testimony, was was not hiring a dedicated risk management team. “I made a number of small mistakes and a number of larger mistakes,” Bankman-Fried said on the stand last week. Although Bankman-Fried made mistakes, he never defrauded anyone, Cohen told jurors. “Poor risk management is not a crime.”Bankman-Fried’s parents, Barbara Fried and Joseph Bankman, were both in the courtroom again Thursday.

Persons: Sam Bankman, Lewis Kaplan, Kaplan, Fried, ”, They’ve, “, Danielle Sassoon, Mark Cohen, Cohen, ” Cohen, Barbara Fried, Joseph Bankman, Bankman, — Sabrina Souza Organizations: New, New York CNN, Prosecutors, Alameda Research Locations: New York, Manhattan, FTX, Alameda

☆ Jury Begins Deliberations for a Verdict in Sam Bankman-Fried’s Trial
▼ + stars: | 2023-11-02 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Jurors have sat through his trial for nearly a month now, hearing from witnesses including some of Mr. Bankman-Fried’s closest associates, who placed blame squarely on him. On Wednesday, closing arguments were made by a federal prosecutor, Nicolas Roos, and Mr. Bankman-Fried’s lawyer, Mark Cohen. In his closing statements, Mr. Roos reminded the jury of the evidence and testimony from witnesses who said Mr. Bankman-Fried had directed them to commit crimes. Mr. Cohen sought to portray his client as someone who acted in good faith but made mistakes. He has held the trial on some Fridays, which the jury usually has off, and has been willing to hold jurors past 4:30 p.m., when they are usually relieved.

Persons: Bankman, Nicolas Roos, Mark Cohen, Danielle Sassoon, Cohen’s, Roos, Fried, Cohen, Judge Lewis A, Kaplan, Judge Kaplan

☆ Silicon Valley Shrugs Off Sam Bankman-Fried’s Trial
▼ + stars: | 2023-11-02 | by ( Erin Griffith | More About Erin Griffith | ) www.nytimes.com time to read: +1 min

In the four weeks that Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange, was on trial on fraud charges, the tech industry:Reacted to the war in Israel and Gaza, including protesting a tech conference organizer’s social media posts about the conflict. Buzzed over a manifesto from a top venture capitalist outlining a list of enemies to technological progress. Scrambled to invest money in the hottest artificial intelligence company, OpenAI, at triple its valuation earlier this year. Hotly debated the new features on Threads, a social media site owned by Meta. But a simpler answer could be that the tech industry has again done what it does best: move on to the next thing.

Persons: Sam Bankman, Bankman Organizations: Meta Locations: Israel, Gaza, FTX

☆ Sam Bankman-Fried’s Wild Rise and Abrupt Crash
▼ + stars: | 2023-11-02 | by ( David Streitfeld | More About David Streitfeld | ) www.nytimes.com time to read: +2 min

If they get insanely rich in the process, well, that only proves how great their idea was in the first place. (The truth was that her technology didn’t work and placed customers at risk by giving them unreliable results.) He calculated the odds on everything — he thought there was a 5 percent chance he would become president of the United States. He figured he would help humanity by making a fortune and then giving it all away, a philosophy known as effective altruism. He never did much to disguise the fact that he lived with some of his FTX pals in a $35 million penthouse.

Persons: Elizabeth Holmes, Florence Nightingale, FTX, Fried, “ Organizations: Forbes Locations: United States

The witnesses painted a portrait of Mr. Bankman-Fried, 31, as a controlling boss who directed them to commit fraud. She was apprehensive about the move, she said, because she knew that would mean borrowing $1 billion in FTX customer funds for the transaction. “That’s OK, I think this is really important, we have to get it done,” Mr. Bankman-Fried told Ms. Ellison, according to her testimony. At Mr. Bankman-Fried’s urging, Mr. Sun said, he ran through a few theoretical options to justify the borrowing and spending of FTX customer money. But Mr. Sun, who testified after securing an agreement that prosecutors would not pursue charges against him, said he had once again told Mr. Bankman-Fried that none of those options were supported “by the facts.” Mr. Bankman-Fried responded by saying “something like, ‘Got it,’” Mr. Sun testified.

Persons: Sam Bankman, Fried, Bankman, Caroline Ellison —, Adam Yedidia, Mr, Yedidia, FTX, ” Caroline Ellison Ms, Ellison, Ms, Gary Wang Mr, Wang, ”, coder, Nishad Singh Mr, Singh, Gabe, Gabe Bankman, ” Mr, Prosecutors, Barbara Fried, Nishad Singh, Sun, ’ Organizations: Alameda Research, Massachusetts Institute of Technology, Stanford, Mr, Prosecutors, America Locations: Bahamas, Alameda, Binance, Pandemics

☆ Inside the early-morning line to see Sam Bankman-Fried’s trial.
▼ + stars: | 2023-11-02 | by ( David Yaffe-Bellany | More About David Yaffe-Bellany | ) www.nytimes.com time to read: +1 min

Sam Bankman-Fried’s criminal fraud trial was not the only high-stakes struggle that unfolded this past month at the federal courthouse in Manhattan. Over five weeks, the trial — with its mix of cryptocurrency intrigue and tabloid-worthy romance — attracted an unusually varied crew of reporters, crypto YouTubers, documentary filmmakers and aspiring influencers. Everyone wanted to sit in the gallery to see Mr. Bankman-Fried in the flesh. If someone lined up outside at 5 a.m., someone else would try to make it by 4 a.m. the next day. The following evening, a freelance journalist showed up just after 10:30 p.m. and huddled in the chill until the courthouse doors opened nine hours later.

Persons: Sam Bankman, Fried Locations: Manhattan, London, New York

☆ Sam Bankman-Fried’s Lawyers Seek to Regain Ground in FTX Trial
▼ + stars: | 2023-11-01 | by ( Corinne Ramey | James Fanelli | ) www.wsj.com time to read: 1 min

FTX founder Sam Bankman-Fried said repeatedly from the witness stand that he couldn’t recall many of his past statements. Photo: jane rosenberg/ReutersSam Bankman-Fried ’s lawyers rested their case Tuesday after seeking to rehabilitate the FTX founder’s credibility from the prosecutors’ two-day grilling. Bankman-Fried, dressed in a gray suit, floundered through the end of Assistant U.S. Attorney Danielle Sassoon’s cross-examination.

Persons: Sam Bankman, Fried, jane rosenberg, Reuters Sam Bankman, Danielle Sassoon’s Organizations: Reuters, U.S

Sam Bankman Fried, the onetime cryptocurrency mogul, built his FTX crypto exchange into a “pyramid of deceit” resting on a “foundation of lies and false promises,” a federal prosecutor said in closing arguments on Wednesday at the criminal fraud trial. Over more than two hours in a Manhattan courtroom in the morning, Nicolas Roos, the prosecutor, used scathing language to paint Mr. Bankman-Fried as a liar and fraudster. And Mr. Bankman-Fried, who had testified during the trial in his own defense, had repeatedly dissembled and dodged questions, Mr. Roos said. Mr. Bankman-Fried “lied about big things and small things,” the prosecutor said, pointing out that the defendant said he “couldn’t recall” more than 140 times in response to questions on cross-examination. “It was uncomfortable to hear,” Mr. Roos said.

Persons: Sam Bankman Fried, ”, Nicolas Roos, Roos, dissembled, Fried “, “, Mr, Bankman Organizations: Mr Locations: Manhattan

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