Pyramid of Deceit: Prosecution Blasts SBF Narrative in Fiery Closing Arguments

Closing Arguments

The legal teams have concluded presenting a substantial volume of testimony and evidence to the jury on Wednesday, related to the charges against Bankman-Fried. The former FTX CEO faces a long life in prison if convicted of wire fraud and conspiracy in relation to the spectacular collapse of FTX crypto exchange and Alameda Research.

140 Times Amnesia

The prosecution’s closing argument was led by Assistant U.S. Attorney (AUSA) Nick Roos, who focused on convincing the jury that Bankman-Fried knowingly engaged in wrongful conduct by misappropriating funds in what Roos called a pyramid of deceit and that he lied during his testimony.

AUSA Roos highlighted evasive behaviour and the defendant’s inability to recall details during cross-examination, suggesting that his forgetfulness was feigned. Roos argued that despite SBF’s attempts to distance himself from the fraud, the evidence clearly showed his involvement and dishonesty. The prosecution aimed to establish SBF’s direct connection to Alameda Research as its majority owner and its use of customer funds from FTX for crypto trading, reinforcing their point with testimonies, including that of Caroline Ellison.

AUSA Roos stated.

SBF Trial Endgame: Bankman-Fried Had Amnesia 140 Times on the Stand US Says in SDNY Closing Argument – Inner City Press story: https://t.co/hMWrUHHpaO Court art courtesy E. Williams. More incl on jury timing, Juror 3, on @SubstackInc here https://t.co/TJpqFa7qHa pic.twitter.com/rLZWZ5K6NE

— Inner City Press (@innercitypress) November 1, 2023

“He Acted in Good Faith”

Bankman-Fried’s defence attorney Mark Cohen, obviously holds a different view, saying,

Cohen, argued to the jury that the prosecution was unfairly portraying SBF as a villain akin to a character from a Hollywood movie. Instead, Cohen presented Bankman-Fried as a talented entrepreneur who lost control of his crypto businesses as circumstances in the industry became chaotic.

Cohen aimed to provide the jurors with a “real-world perspective,” emphasising that unlike scripted films, real-life situations can become complex and disordered. He maintained that SBF had founded exceptional companies offering excellent products, which ultimately could not withstand the tumultuous shifts in the cryptocurrency markets during 2022.

This turmoil, according to the defence, was a significant factor in the downfall of SBF’s enterprises, impacting anyone with substantial digital asset holdings.

SBF's Cohen: Here we are, finally, before you, in your hands. You'll find Sam acted in good faith, he didn't want to defraud. Find him not guilty.
Judge Kaplan: Tomorrow, rebuttal and charge. If we stay late tomorrow, it's pizza.
Jury leaves

— Inner City Press (@innercitypress) November 1, 2023

The jury is expected to start deliberations on Bankman-Fried’s case possibly by Thursday.