Bankman-Fried’s Defense Strategy Fails to Shift Blame in Fraud Case
In the ongoing trial of Sam Bankman-Fried, also known as SBF, the defense strategy of shifting blame onto his former girlfriend, Ellisonova, has failed to convince the court. Bankman-Fried, the majority owner of the fund in question, has been attempting to portray Ellisonova as the mastermind behind the transfers of FTX clients’ assets and their disappearance in Alameda Research. However, Ellisonova, who is cooperating with investigators as a key witness, has successfully presented her version of events, alleging that Bankman-Fried was the brain behind the entire project.
During Ellisonova’s testimony, Bankman-Fried’s lawyers, according to Bloomberg, revealed their defense strategy. They aimed to prove that Ellisonova was responsible for the transfers and disappearance of assets. However, their efforts were unsuccessful, and Ellisonova firmly maintained that Bankman-Fried provided clear instructions regarding the overall direction of the fund and its relationship with FTX.
Ellisonova also described how Bankman-Fried coerced her into taking specific actions to conceal the borrowing of FTX clients’ assets and their use in risky operations and investments in illiquid assets. For example, she revealed that she was instructed to create two versions of tables containing key economic data: one truthful version and another intended for presentation to investors or regulators.
The trial has also included testimony from Gary Wanga, the former CTO of FTX and a co-founder of the company. Wanga confirmed earlier suspicions that, at Bankman-Fried’s direction, safeguards and limits typically in place for other clients were removed from the computer program that managed financial flows between FTX and the
How did Sam Bankman-Fried’s defense strategy of blaming his former girlfriend, Ellisonova, fail to shift blame in the fraud case?
Rewrite article Bankman-Fried’s Defense Strategy Fails to Shift Blame in Fraud Case
Sam Bankman-Fried, also known as SBF, is currently facing trial for alleged fraud, but his defense strategy of blaming his former girlfriend, Ellisonova, has not been successful in convincing the court. Bankman-Fried, who owns the majority of the fund in question, has tried to portray Ellisonova as the mastermind behind the transfers of FTX clients’ assets and their subsequent disappearance from Alameda Research. However, Ellisonova, who is cooperating with investigators as a key witness, has effectively presented her side of the story, claiming that Bankman-Fried was the one behind the entire project.
During Ellisonova’s testimony, Bankman-Fried’s lawyers shared their defense strategy, aiming to prove that Ellisonova was responsible for the transfers and the vanishing of assets. Unfortunately for them, their efforts were not successful, as Ellisonova firmly maintained that Bankman-Fried provided clear instructions regarding the overall direction of the fund and its relationship with FTX.
Ellisonova also revealed how Bankman-Fried coerced her into carrying out specific actions to conceal the borrowing of FTX clients’ assets and their usage in risky operations and investments in illiquid assets. For instance, she disclosed that she was instructed to create two versions of tables containing important economic data: one truthful version and another intended for presentation to investors or regulators.
Additionally, the trial featured testimony from Gary Wanga, the former CTO of FTX and a co-founder of the company. Wanga confirmed previous suspicions that, under Bankman-Fried’s guidance, safeguards and limits that were typically in place for other clients were removed from the computer program responsible for managing financial flows between FTX and the fund.
This trial is definitely going to be a landmark case in uncovering the truth behind the allegations and the strategy employed by Bankman-Fried. Excited to see justice being served!
I can’t wait to follow this trial closely and see how the evidence unfolds. Just hoping for a fair and transparent process!