Lawyers for SBF argued that much of what he did was in “good faith”, while the prosecution claimed that Sam Bankman-Fried’s FTX empire was “built on lies”.
Sam Bankman-Fried is facing seven counts of fraud, criminal conspiracy, and embezzlement, and if convicted could spend up to 100 years in prison.
Opening remarks
Opening remarks were made in the New York Federal Courtroom on Wednesday. Over the time of the session lawyers for both sides put forward their opening arguments for what is one of the biggest financial fraud cases ever.
Thane Rehn, for the prosecution, argued that Sam Bankman-Fried had carried out “massive fraud” by way of moving assets from the FTX exchange customer accounts and transferring them to his own account.
Mark Cohen, acting for the defence, said that “Sam didn’t defraud anyone” and that “there was no theft”. The lawyer acknowledged that funds had gone to Alameda, but stated that this was for investment purposes and not to embezzle.
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