As Sam Bankman-Fried‘s fraud trial nears its conclusion, federal prosecutors delivered forceful closing arguments accusing the FTX founding father of mendacity and stealing from clients.

Inside Metropolis Press, which has reported stay from the courtroom for the reason that starting of Bankman-Fried’s trial, reported Assistant US Legal professional Nicolas Roos instructed the jury that the straightforward reality was that billions in buyer deposits had gone lacking as a result of Bankman-Fried stole them. “Nearly a yr in the past, individuals began to withdraw from FTX. Tens of millions to billions” he stated. “1000’s tried to withdraw their nest eggs. However they weren’t processed.”

Roos alleged this was as a result of “The defendant spent his clients’ cash and lied about it. It went to cowl bills, to buy property, and to make political donations. This was a pyramid of deceit, all to get cash. Ultimately, it collapsed, leaving numerous victims in its wake.”

The crux of the matter, the federal government argued, had nothing to do with the complexities or fundamentals of cryptocurrency and as an alternative attributed Bankman-Fried’s conduct to easy fraud:

“$10 billion had been lacking. And the defendant was accountable. You’re heard about Bitcoins and blockchains, so-called Korean accounts. Right here’s the factor. This isn’t about sophisticated problems with cryptocurrency. It’s about lies and stealing and greed.”

The statements mirror arguments outlined in earlier SBF trial protection, noting he faces fees of wire fraud, conspiracy, and marketing campaign finance violations associated to the implosion of FTX in November 2022.

Bankman-Fried has maintained he didn’t act with in poor health intent, as an alternative making poor enterprise selections. The trial’s end result rests on whether or not the jury accepts his narrative or the prosecution’s assertions of willful fraud and deception.

Roos instantly instructed the jury, “The core dispute right here is whether or not the defendant knew that taking the cash was incorrect. He knew. He did it anyway. He thought he was smarter and will stroll his means out of it. Right this moment, with you, that ends.”

Because the high-profile SBF case nears a verdict, the prosecution aimed to persuade jurors of felony intent by way of its condemnatory closing assertion. Roos asserted SBF deliberately defrauded FTX clients, stating, “This man, Samuel Bankman-Fried… spent his clients’ cash and lied about it.”

Sam Bankman-Fried’s trial is ongoing.