• Tue. Nov 28th, 2023

Sam Bankman-Fried’s legal professionals put together to query star witness – sinarblogging.web


Oct 12, 2023

New York

After two days of at-times emotional testimony from Caroline Ellison, a former high adviser to fallen crypto mogul Sam Bankman-Fried, protection legal professionals have been set to start questioning her on the stand Thursday.

Ellison, 28, advised jurors this week that she and Bankman-Fried, whom she dated on and off, dedicated monetary crimes for years. At his route, she mentioned, executives stole funds from clients of FTX, a crypto trade, and diverted them for different functions, together with paying again billions of {dollars} in loans to Alameda Analysis, a buying and selling agency additionally run by Bankman-Fried that racked up enormous losses betting on crypto value actions.

In Ellison’s telling, she and different members of Bankman-Fried’s interior circle labored collectively to take the FTX buyer funds and deceive buyers concerning the true nature of the 2 companies’ monetary codependence. Ellison herself produced phony monetary paperwork to current to lenders to attempt to disguise Alameda’s borrowing from FTX.

At each flip, Ellison advised jurors, it was Bankman-Fried finally calling the photographs.

By November of final 12 months, when each firms have been collapsing, she described an “overwhelming sense of aid” that the inevitable finish was lastly coming into view. It was “total the worst week of my life,” however she was glad she wouldn’t need to lie anymore.

That model of occasions displays US prosecutors’ rivalry that Bankman-Fried, 31, orchestrated a yearslong fraud and engaged his enterprise companions in a conspiracy to lie about their crimes.

Former crypto hedge fund Alameda Research CEO Caroline Ellison arrives for Sam Bankman-Fried's trial at Federal Court in New York City, October 11, 2023.

Bankman-Fried has pleaded not responsible to seven felony counts and will spend the remainder of his life in jail if convicted and given the utmost sentence. Ellison and different executives have pleaded responsible and struck cooperation agreements with prosecutors within the hopes of decreasing their sentences.

Bankman-Fried’s attorneys have but to current their case in courtroom. However since his arrest in December final 12 months, Bankman-Fried has repeatedly provided another model that deflects blame from himself and casts alleged monetary crimes as trustworthy enterprise errors.

Mark Cohen, the pinnacle of his protection staff, echoed that view in his opening assertion final week, telling jurors that Ellison, as CEO of Alameda, uncared for to put hedges on agency’s dangerous bets regardless of Bankman-Fried telling her to take action.

“Sam didn’t defraud anybody. Sam didn’t intend to defraud anybody. Sam acted in good religion in making an attempt to construct and run FTX and Alameda.”

However “issues have been occurring rapidly, in a short time,” Cohen mentioned. “Sam and others made a whole bunch of selections a day … in consequence, some issues bought ignored.”

This story is creating and will probably be up to date.

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