In the fraud trial of Sam Bankman-Fried, prosecutors have requested the judge inform the jury that the defendant’s claim that he is an effective philanthropist should not serve as a valid defense. Bankman-Fried is accused of misappropriating billions of dollars from FTX clients for personal purposes such as political contributions, real estate and investments.Thank you for reading this post, don't forget to subscribe!
In a letter submitted on Thursday, prosecutors noted that Bankman-Fried’s legal counsel sought to argue that she should not be charged with fraud because she intended to profit from FTX’s growth and profits through methods such as investing. Had to reimburse the customers. He stressed that this argument lacks relevance and does not absolve the allegations of fraud.
Bankman-Fried’s defense has attempted to portray her as a philanthropist with a sincere commitment to creating positive global impact. He argues that his support of effective altruism, a philosophical movement that promotes the most impactful ways to help others, such as making charitable contributions or building an influential career, reflects his underlying motivations.
Screenshot of prosecution’s letter proposal Source: Court Listener
Prosecutors argue that effective altruism cannot serve as a defense against fraud. They characterize it as “an unconventional philosophy regarding the morality of deception and theft.” In their view this ideology has no effect Mens reaMental state necessary to commit fraud.
Cointelegraph is covering the trial on the ground in New York, which is now nearing the end of its third week. During the trial, the prosecution presented several witnesses, including Carolyn Ellison, former CEO of Alameda Research; Nishad Singh, former engineering head of FTX and Alameda; and Gary Wang, one of the co-founders of the now-defunct FTX.
Based on their statements, Bankman-Fried directed them to obtain funds from FTX customers without their awareness or consent for purposes unrelated to the regular operations of FTX.
Connected: Latest Update – Former FTX CEO Sam Bankman-Fried Trial [Day 12]
They also claim that Bankman-Fried had an understanding of the potential dangers and consequences resulting from her actions. He said he actively concealed these actions from regulatory authorities, auditors, and the public. As evidence, they presented a compilation of emails, messages, spreadsheets and bank records, revealing the full scope of Bankman-Fried’s fraudulent scheme.
Jury instructions are expected to be finalized next week, after which closing arguments will take place. Next, a jury will begin deliberations to determine Bankman-Fried’s legal fate.
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