25 October 2023Updated 25 mins agoImage supply, Getty ImagesImage caption, Sam Bankman-Fried in Would possibly 2022The jury within the fraud trial of Sam Bankman-Fried has been despatched house after the previous crypto boss in short took the stand however didn’t discuss. The previous entrepreneur used to be as a substitute requested to testify in personal ahead of the pass judgement on to resolve what portions of his testimony are admissible.The 31-year-old is accused of mendacity to traders and lenders and stealing cash from consumers of his now-bankrupt cryptocurrency trade, FTX.Mr Bankman-Fried denies the fees.His look on the New York court docket follows 12 days of prosecution testimony by which shut former colleagues gave proof. Mr Bankman-Fried were broadly tipped to talk in his personal defence on Thursday after his attorneys started presenting his case. If he’s discovered responsible he may face a existence sentence in jail. Defendants in the USA don’t seem to be obliged to testify throughout trials – and are continuously prompt towards doing so, because it opens them as much as wondering by means of prosecutors. It additionally offers participants of the jury that may make a decision the case an opportunity to shape their very own impressions, which is probably not beneficial. “If the jury does no longer consider him, it is a assured conviction,” Jacob Frenkel, a former federal prosecutor who has been following the trial advised the BBC previous this month. In spite of the hazards, many analysts following the trial predicted Mr Bankman-Fried would take the stand to provide his personal model of occasions and take a look at to undermine the tale introduced by means of prosecutors. “The prosecutors have placed on a gorgeous sturdy case,” mentioned Carl Tobias, legislation professor on the College of Richmond. “I do not know that there is a lot problem on this case for him to testify given what we’ve got observed to this point.”Prosecutors have constructed their case on statements from 3 of his closest former pals and co-workers, who’ve already pleaded responsible.They’ve tied Mr Bankman-Fried to selections to take cash deposited at FTX and use it to pay off lenders at his crypto buying and selling company, Alameda Analysis, purchase belongings, and invest and political donations.They are saying he attempted to cover the transfers between the 2 companies and their shut courting – and attorneys have buttressed their allegations with textual content messages, spreadsheets and tweets. All through the trial, those witnesses, who come with his ex-girlfriend and previous Alameda leader government Caroline Ellison, have emerged from hours of wondering with their credibility reputedly in large part unscathed. Mr Bankman-Fried’s defence crew has argued he used to be following “cheap” industry practices, as his corporations grew impulsively.After the cave in of his corporations final yr, he admitted in media interviews, together with to the BBC, to managerial errors however mentioned he by no means meant fraud.Elizabeth Holmes is amongst different high-profile examples of defendants who’ve opted to testify in their very own defence.The founding father of blood-testing start-up Theranos, who argued that she didn’t intend to defraud traders, used to be in the end convicted of 4 out of eleven counts and sentenced to greater than 11 years in jail.However attesting too can repay. Tom Barrack, a former personal fairness government and fundraiser for former President Donald Trump, and Lebanese businessman Jean Boustani, each took to the stand in separate, unrelated legal circumstances and had been acquitted.
