Jury Directions Begin in Sam Bankman-Fried Criminal Trial

Closing arguments conclude

Closing arguments have wrapped up in the criminal trial of Sam Bankman-Fried (SBF), the disgraced founder of crypto exchange FTX. The trial is taking place in the U.S. Southern District of New York, with Judge Lewis Kaplan now moving on to jury instructions.

Charges faced by Bankman-Fried

Bankman-Fried is facing a total of seven charges, according to the indictment from last December. These include counts of wire fraud conspiracy, wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, and conspiracy to defraud the United States and commit campaign finance violations.

Judge provides briefing to the jury

Judge Kaplan provided a briefing to the jury, explaining that certain charges are substantive, meaning they are alleged crimes that are not dependent on each other. He stated that the government does not need to prove that the victim was actually harmed, only that Bankman-Fried contemplated some harm. The judge also clarified that Bankman-Fried's reliance on the advice of FTX counsel does not constitute a defense and that intent can be inferred from circumstantial evidence.

Conspiracy charges explained

Judge Kaplan further explained that for conspiracy charges, it is enough if two or more people came to a common understanding to violate the law. However, he warned that simply being present at the scene of a crime or being friendly with a criminal is not a crime in itself.

Former FTX executives plead guilty

During the trial, several key FTX executives, including former Alameda CEO Caroline Ellison, former FTX CTO Gary Wang, and former FTX head of engineering Nishad Singh, have all pleaded guilty to charges related to the collapse of the exchange. They are currently cooperating with the U.S. government and providing testimonies against Bankman-Fried. If convicted, Bankman-Fried could face up to 115 years in prison. The jury will begin deliberations shortly after lunch.