SBF's Trial Nears Closing Arguments as Judge Denies Acquittal Request
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SBF's Trial Nears Closing Arguments as Judge Denies Acquittal Request

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Created 1yr ago, last updated 1yr ago

The criminal trial of FTX founder Sam Bankman-Fried is slated to go to closing arguments on November 1.

SBF's Trial Nears Closing Arguments as Judge Denies Acquittal Request
The criminal trial of FTX founder Sam Bankman-Fried is slated to go to closing arguments on November 1. The defense attorney's bid for acquittal was denied by presiding Judge Lewis Kaplan, effectively ending evidence discovery. At 9:30 a.m. ET (1:30 p.m. UTC), both parties will make their closing arguments.

Bankman-Fried has pleaded not guilty to seven fraud-related accusations in the ongoing trial, but he is set to face five additional counts in a separate trial slated for March 2024, including a bribe of a Chinese government official for $150 million.

During the discovery phase, prosecutors provided evidence indicating that Bankman-Fried routed $8 billion in FTX customer deposits to his hedge fund, Alameda Research, for risky trading. Bankman-Fried justified his actions, arguing that they were part of risk management procedures and were in accordance with corporate standards.

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