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Sam Bankman-Fried completed his direct testimony in his federal fraud case on Monday on moderately robust footing, sustaining that he didn’t learn about a lot of what was happening at FTX and Alameda Analysis, his crypto alternate and buying and selling agency, till their implosion in November 2022. However in a number of hours of cross-examination, Bankman-Fried appeared much less plausible, claiming time and again that he didn’t bear in mind statements and paperwork, and counting on solutions like “I’m unsure” and “I’m not saying I didn’t say it.”
At one level, prosecutor Danielle Sassoon asked him, “Mr. Bankman-Fried, would you agree that you understand how to inform a great story?”
“I don’t know,” Bankman-Fried answered. “It is determined by what metric you employ.”
Whereas Sassoon didn’t land any knockout blows, she did handle to point out critical cracks in Bankman-Fried’s credibility; like when, for instance, she displayed a spreadsheet displaying a number of variations of Alameda’s funds, which Caroline Ellison, Alameda’s CEO, had testified she made and despatched to Bankman-Fried for approval. When Sassoon pushed Bankman-Fried on whether or not he’d reviewed the doc, he mentioned, “I don’t—I don’t—I don’t particularly recall.” She requested about metadata displaying he’d seen the doc in June. “I knew that there was metadata that, in my opinion, advised that I could have seen this,” Bankman-Fried mentioned.
One other robust second for Sassoon got here when she revealed a observe he had written in December 2022, after FTX’s chapter, about an try to say that he personally owned some $650 million in Robinhood shares. “Weren’t you conscious at that time that FTX prospects couldn’t entry their cash?” she requested. “Extraordinarily conscious,” he answered. She then confirmed the observe, which learn, “Ought to I attempt calling up the dealer HOOD is with and see in the event that they’ll simply give me the shares with out occupied with it?”
The day introduced two variations of the FTX founder. Whereas on direct examination, Bankman-Fried regarded engaged and even relaxed; on cross-examination, he twisted in his chair and wiped his forehead. He largely caught to the story he’d given on direct—that he wasn’t conscious of Alameda utilizing FTX buyer funds for many of his time on the firms. But, particularly given his good reminiscence and fairly clear explanations on direct, his sudden lack of reminiscence on cross might come throughout as doubtful, as did his lawyerly communicate. As Sassoon pushed him on whether or not Alameda was allowed to withdraw cash from its line of credit score off of the FTX alternate, whereas different prospects had to make use of their line of credit score on the alternate, he mentioned, “I now consider that’s in all probability true.”
He additionally pushed again on Sassoon’s questions, asking her to outline phrases or time frames, to specify what she was referring to, or to reframe the questions. She didn’t give any floor right here, and although debating and rewording questions appears to be his pure stance, it’s slightly dangerous on this context. In spite of everything, he appears to be attempting to undertaking to the jury a picture of himself as an idealistic however barely out-of-it chief government; but, somebody prepared to debate a federal prosecutor at his personal trial doesn’t fairly line up with that hapless picture. “May you simply reply the query as an alternative of attempting to ask the query?” Choose Lewis A. Kaplan mentioned halfway by the testimony.
Cross-examination is anticipated to proceed tomorrow, adopted by redirect of Bankman-Fried from the protection, and one to 2 prosecution witnesses, wrapping up testimony within the case.
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