Sequoia Capital partner Alfred Lin responded to SBF’s conviction: We have been deliberately misled and deceived by lies
Odaily Planet Daily News According to a statement by Alfred Lin, a partner at Sequoia Capital, which led the investment in FTX, he agrees with the quick and unanimous conviction of SBF, the founder of FTX. Lin mentioned that this verdict confirmed the fact that they had long known: SBF had misled and deceived many people, including customers, employees, business partners, and investors, including himself and Sequoia Capital.
Lin stated that after FTX collapsed, Sequoia Capital immediately reviewed its due diligence process and evaluated its 18-month working relationship with SBF. Their conclusion was that Sequoia Capital had been intentionally misled and deceived by lies. He also added that they remained silent during the establishment of the case and trial by the prosecution over the past year. Lin expressed relief at the end of the trial.
SBF sentencing is scheduled for March 28, 2024
On November 3rd, according to Reuters, US District Judge Lewis Kaplan sentenced Bankman-Fried to March 28th, 2024. His defense lawyer opposed multiple rulings by Kaplan before and during the trial, and is expected to appeal the verdict.
SBF found guilty on seven counts
Sam Bankman-Fried has been found guilty of the collapse of FTX. After 15 days of testimony and about four and a half hours of deliberation, the jury made a verdict, finding him guilty of seven counts of fraud and conspiracy.
Jury begins deliberations in SBF fraud case and may reach verdict today or early next week
On Thursday afternoon Eastern Time, the jury began deliberating on seven charges of fraud and conspiracy against Sam Bankman-Fried (SBF), related to his tenure as head of FTX and its sister trading company Alameda Research. The jury can reach a verdict anytime before 8:30 PM in New York today (8:30 AM on Friday in Beijing), and all twelve jurors must reach a unanimous decision on each of the seven charges to make a verdict. If they cannot reach a consensus today, the court will adjourn until next Monday to continue the deliberation. If all charges are proven, SBF could face up to 115 years in prison, with prosecutors calling it "one of the largest financial fraud cases in American history."
SBF's lawyer completed the closing argument and insisted on defending SBF not guilty.
SBF's attorney Mark S. Cohen completed his closing argument in court on Wednesday evening local time, requesting the court and jury to find that SBF acted in "good faith" throughout its operation of FTX and Alameda Research, and therefore cannot be found guilty of fraud.
In his closing argument, the attorney stated that it was "real-world miscommunications," "mistakes," and "delays" that harmed other members of FTX and Bankman-Fried's crypto empire, not intentional fraud.<br>
The prosecutors in the SBF case no longer plan to allow rebuttal witnesses to testify, and the trial may be earlier than expected
On the 15th day of the trial of Sam Bankman-Fried (SBF), the prosecution continued to question the defendant, and the defense rested and prepared closing arguments. The meeting that day focused on reviewing SBF's relationship with the Bahamian government, handling customer funds, and transparency issues. The defense conducted a direct review to clarify the former billionaire's position on some of the points raised by the prosecution. The prosecution also stated that they no longer intend to call rebuttal witnesses, which means the trial may end earlier than expected.
The prosecution first questioned SBF's relationship with the Bahamian government, especially with Prime Minister Philip Davis. SBF admitted that he had established relationships with some government members. However, when asked about discussions regarding the repayment of Bahamian national debt, SBF claimed not to remember.
New York judge: New York law will apply in SBF case
Federal Judge Lewis Kaplan will explain to the jury how New York law applies to the seven charges against SBF. SBF's lawyers have tried to argue that the legal terms are governed by English law and the jury should be guided by English law, but Judge Kaplan has stated that the SBF case is subject to New York law. Closing arguments will begin on Wednesday, and deliberations could begin as early as Thursday.
FTX Founder Sam Bankman-Fried's Criminal Trial Moves to Closing Arguments on November 1
Closing arguments in the criminal trial of FTX founder Sam Bankman-Fried (SBF) are scheduled for November 1, following the denial of a request for acquittal by lead defense attorney Mark Cohen on Day 15 of the trial. Both sides have concluded evidence discovery and declined to call further witnesses. SBF has pleaded not guilty to seven fraud-related charges, but is expected to face five more counts in a second trial in March 2024. During discovery, prosecutors presented evidence alleging that SBF siphoned $8 billion worth of FTX customers' deposits to fund risky trades at his hedge fund, while SBF claimed that this was a necessary risk management procedure. Key FTX personnel have already pled guilty to charges relating to the exchange's collapse last November and are cooperating with the government in their testimonies against SBF. If convicted, SBF could face a maximum penalty of 115 years in prison.
SBF lawyers seek jury to consider role of UK law in governing FTX's terms of service
On October 31st, SBF's lawyers attempted again to persuade the supervising jury to consider the role of UK law in managing FTX's terms of service, hoping that this could lead to a "not guilty" verdict on some of the fraud charges faced by SBF. "According to the (UK) government's theory, in order for theft to occur, there must be a trust, trust relationship or similar relationship between FTX and its customers," a document including proposed jury instructions said, "FTX's relationship with its customers is governed by the terms of service, which are in turn governed by...UK law"; another set of documents provided cases from the UK.
SBF admitted that he was “the one who ultimately pulled the trigger” on the repurchase of Binance’s FTX shares
On October 31st, SBF admitted during a court hearing on Monday that he "was likely the person who ultimately pulled the trigger" in the matter of repurchasing FTX shares held by Binance. It is reported that the repurchase of FTX shares from Binance ultimately led to the collapse of FTX. FTX had previously provided Binance with a large amount of its native token FTT. In November 2022, Binance CEO CZ threatened to sell these shares, triggering a run on FTX.
