As the closing arguments continue, let’s recap the charges filed against Bankman-Fried. There are twelve in total, seven of which are being tried at this, the first of two trails:
Conspiracy to commit wire fraud on customers of FTX
Wire fraud on customers of FTX
Conspiracy to commit wire fraud on lenders to Alameda Research
Wire fraud on lenders to Alameda Research
Conspiracy to commit fraud on customers of FTX in connection with purchase and sale of derivatives
Conspiracy to commit securities fraud on investors in FTX
Conspiracy to commit money laundering
At the heart of each charge is a fairly straightforward allegation, lodged by the US government: Bankman-Fried and his co-conspirators swept money belonging to FTX customers into a sibling company, Alameda Research, where it was later spent. The group lied about, misrepresented or failed to mention this arrangement to various stakeholders—customers, lenders and investors—amounting to fraud, the prosecution says.
The ABC of SBF