FTX Founder Sam Bankman-Fried's Criminal Trial Moves to Closing Arguments on November 1
Closing arguments in the criminal trial of FTX founder Sam Bankman-Fried (SBF) are scheduled for November 1, following the denial of a request for acquittal by lead defense attorney Mark Cohen on Day 15 of the trial. Both sides have concluded evidence discovery and declined to call further witnesses. SBF has pleaded not guilty to seven fraud-related charges, but is expected to face five more counts in a second trial in March 2024. During discovery, prosecutors presented evidence alleging that SBF siphoned $8 billion worth of FTX customers' deposits to fund risky trades at his hedge fund, while SBF claimed that this was a necessary risk management procedure. Key FTX personnel have already pled guilty to charges relating to the exchange's collapse last November and are cooperating with the government in their testimonies against SBF. If convicted, SBF could face a maximum penalty of 115 years in prison.
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