SBF Trial, Day 14: Sam Bankman-Fried Casts Blame on Others for Key Decisions at FTX

In his first testimony in front of the jury, former FTX CEO Sam Bankman-Fried presented himself as uninformed about key events prior to FTX’s collapse while blaming other members of the inner circle.
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Sam Bankman-Fried took the stand before a jury for the first time in his criminal trial for allegedly defrauding FTX customers. The exchange’s co-founder and former CEO tried to recast the image that prosecutors spent nearly three weeks shaping of an executive who defrauded customers and dismissed the concerns of the three members of his inner circle, all of whom named him as their co-conspirator earlier in the trial.
Responding to his defense team’s gentle questioning, SBF spent large parts of his testimony, offering alternative, often long-winded explanations for actions and behavior that prosecutors allege demonstrated intent to evade legal and regulatory scrutiny of the business he created. He admitted to making mistakes, which supported his defense team’s “failed entrepreneur” strategy, and none more significant than a failure to create a dedicated risk management team.
Bankman-Fried denied committing any crimes or attempting to defraud anyone and said that he believed funds used for sponsorships, real estate purchases, political donations, venture investments and payments to lenders did not come from customer funds. At times, he attempted to shift blame for certain decisions on the inner circle, who he insisted had the authority to take action “on behalf of the company without consulting” him.
SBF described former CEO of Alameda Research, Caroline Ellison, his on-and-off girlfriend, as a good trader and researcher who did not act on his stated concerns about the FTX trading arm’s exposure to market risk and importance of hedging. Ellison, who agreed to a plea deal with prosecutors, testified early in the trial that Bankman-Fried had asked her to manipulate Alameda balance sheets at Bankman-Fried’s direction to make them seem less risky to lenders and that Alameda had used FTX customer funds for its own investments. Prosecutors have promised a robust cross-examination next week. Whether they or Bankman-Fried’s version of events is more persuasive for jurors remains uncertain.
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Пікірлер: 68

  • @haplon33
    @haplon338 ай бұрын

    SBF described himself as being 'surprised' to find out he was actually, in fact, the CEO of FTX. 😮💀

  • @ago7212

    @ago7212

    8 ай бұрын

    You wonder how a guy who's supposedly brilliant in math lose track of 8B? My guess is he's just a brilliant con who convinced others to drink his kool-aid.🤔

  • @johnpandolfino8663

    @johnpandolfino8663

    8 ай бұрын

    LMFAO 😂

  • @govindagovindaji4662

    @govindagovindaji4662

    8 ай бұрын

    h ah aha funny, yes. My thoughts, too. Is anybody gonna ask him what he was doing when he was "so busy" ~ apparently 'too busy' to learn what the heck was going on around him~? I mean, they should ask, what specifically did you do all damned day?

  • @michaelhensley8203
    @michaelhensley82038 ай бұрын

    Thank you for your professional and comprehensive coverage. I look forward to them each day of the trial.

  • @CaryInVictoria
    @CaryInVictoria8 ай бұрын

    Of all the commentators on the trial you are the best, at least from the perspective of viewers who, above all, want unblemished facts.

  • @edgiunta6493
    @edgiunta64938 ай бұрын

    Great job Linda ! Thank you for all the hard work

  • @terryhk99leung36
    @terryhk99leung368 ай бұрын

    Thanks for the huge effort in reporting this..

  • @LungYang
    @LungYang8 ай бұрын

    So modest from the guy who plays video games during meetings.

  • @betweenmirages
    @betweenmirages8 ай бұрын

    Thanks so much for your insights and coverage! Really appreciate all your hard work.

  • @PinkSummer1017
    @PinkSummer10178 ай бұрын

    Excellent recap! Great job as usual!

  • @SashaHodder
    @SashaHodder8 ай бұрын

    Thank you, Laura! Great work, really appreciate your coverage!

  • @chrissheppard5068
    @chrissheppard50688 ай бұрын

    No remorse just blames others typical Prince of Dem Darkness.

  • @LondonFromLondon
    @LondonFromLondon8 ай бұрын

    Great reporting, really enjoying these updates. Well done!

  • @therookiesplaybook
    @therookiesplaybook8 ай бұрын

    You don't make billions of dollars by accident. His ignorant CEO story is such nonsense.

  • @meme64561
    @meme645618 ай бұрын

    Great job Linda! Excellent recap.

  • @artmaltman
    @artmaltman8 ай бұрын

    Brilliant summary! How do you take detailed notes so quickly?

  • 8 ай бұрын

    No coding error will explain why you are billions in negative and trying to blame the issues on code bugs is just yet another way for SBF to try to deflect blame. Coding errors is so convenient way to blame because no one intentionally of course has bugs in code, so it's yet another unintentional "oopsie!" without any person to really blame for being intentionally malicious. However, any reasonable person does track and validate what the code is doing in the high level and that the numbers make sense.

  • @nineteenfortyeight6762

    @nineteenfortyeight6762

    8 ай бұрын

    "Coding error" is a good way to steal. I learned this from Office Space.

  • @gordons-alive4940

    @gordons-alive4940

    8 ай бұрын

    Yes, and the guy who actually wrote the code could point to the code showing it was no error, and he was told to put that feature in by SBF.

  • @darrylmcarthur6118
    @darrylmcarthur61188 ай бұрын

    Would you give please give a concise account of where SBF’s and his inner circle’s testimony directly conflict?

  • @Zel-from-Ashdod
    @Zel-from-Ashdod8 ай бұрын

    In university, Sam studied (1) physics and (2) math. Seemingly nobody wants to reflect on how remarkably poorly prepared he was for this career path by that education. He genuinely would have learned more of (salient) value going through a mediocre MBA.

  • @treidchimney

    @treidchimney

    8 ай бұрын

    yeah for sure & he'd have lost more dosh ? pffft

  • @daleh1658
    @daleh16588 ай бұрын

    Let's call him Sam, Why shower this individual with the esteemed honor of initials, as if it were a badge of honesty and professionalism? After all, who needs to afford him any undue reverence? Hearing his excuses of being oblivious to the finances of the company is all the more reason why a 150 year sentence is justified if found guilty.

  • @pretorious700
    @pretorious7008 ай бұрын

    His defense is basically "I'm completely clueless"??

  • @brenden5721
    @brenden57218 ай бұрын

    Blaming lawyers for the entire fraud, yet no subpoena (yet) for Dan Friedberg. 🙃

  • @xdxdhehe
    @xdxdhehe8 ай бұрын

    thanks for the info so much better than tiffany Fong's gossbaiting

  • @ytcensorhack1876

    @ytcensorhack1876

    8 ай бұрын

    gossbaiting?

  • @FizzleFX
    @FizzleFX8 ай бұрын

    "BUG" ? more like EXPLOIT how come every customer works fine except them hmmmm? thats what i call deliberate. luckily people dont seem to understand that bugs dont "cherry pick who it works for"

  • @kerwingray9386
    @kerwingray93868 ай бұрын

    We are almost at the climax of this most satisfying schadenfreude opportunity. So, I am starting to anticipate the next one. Taking mommy and daddy down. Seems like mommy will be easy picking since it seems to be undisputed that she told Sammy how to make illegal campaign donations. So, I would expect they will go after mommy when Sam's political contributions trial ends. I don't know enough about daddy to identify how they will get him. But since he was trying to make the house in the Bahamas bankruptcy proof, shortly before the bankruptcy. tells us daddy knew enough about what was going on. (Generally, transfers by a bankrupt, shortly before filing, must be given back to the estate. Daddy apparently came up with some scheme that would disguise the transfer.)

  • @ohhs7830
    @ohhs78308 ай бұрын

    The failed entrepreneur defense is something the jury may use to shield SBF from a lifetime in jail. He might be found innocent of some or all of the seven counts brought against him. One person was punished as a result of the 2008 Real Estate crisis. And these people knew that they were defrauding home buyers and the government.

  • @jerm70

    @jerm70

    8 ай бұрын

    It is unlikely that SBF is going to have that leniency. SBF talked and did way too much to overlook. SBF can't throw himself into the mercy of the court and beg mercy because the entire Jury will just be pointed to him violating his parole, him leaking private diaries of someone he was supposed to love, etc. etc. Caroline was the kill shot. When even someone who was romantically involved just stabs the knife into your back that means a lot and if SBF tries to argue everyone in his company was corrupt like he did now the prosecutors will say "Who hired them? Who hired the lawyer from Ultimate Bets to do what other lawyers won't do?" SBF convicted himself with his own speech and will continue to do so.

  • @stormryder4305

    @stormryder4305

    8 ай бұрын

    He tries to paint himself as ignorant CEO. But ignorance is not legal justification to commit crime.

  • @ilikethestock1445
    @ilikethestock14458 ай бұрын

    Loved listening to your clear concise explanations of proceedings . Has Brett Harrison, former FTX president been subpoenaed ? Seems very strange that the focus is on SBF, yet a former Citadel quant turns up on the scene amidst the Gamestop fraud, and leaves before the crap hits the fan. Harrison is quoted stating Gamestop tokens we're backed 1:1 in FTX. I would love to ask the Harvard grad some questions in Court.👋

  • @jackiwannapaint3042
    @jackiwannapaint30428 ай бұрын

    cant he at least wear the t-shirt and cargo shorts on the stand?

  • @timtim4525
    @timtim45258 ай бұрын

    He’s 100% an obvious crook. I’m sure his parents were all in … too. Justice would mean… a long jail sentence for him and shorter jail time for his parents. If I can see they are crooks… anyone can see that too.

  • @treidchimney

    @treidchimney

    8 ай бұрын

    of course but not only them .. rabbit holes go a LOT deeper ..just like Karpeles & MT Gox

  • @ryanswild
    @ryanswild8 ай бұрын

    Laura you're great!

  • @johnpandolfino8663
    @johnpandolfino86638 ай бұрын

    Have his parents testify.....they were advising him.....

  • 8 ай бұрын

    Lol, the defense trying to paint a picture to the jury as if he's partly victim of the allegations due to his unusual appearance as the CEO of FTX.. how he dresses or what kind of hair he wears, which are completely irrelevant to the case. I hope the jury is intelligent enough to see through this red herring.

  • @kl9045
    @kl90458 ай бұрын

    SBF must be thinking that we are really stupid 🙄 😒. Such a lier

  • @treidchimney

    @treidchimney

    8 ай бұрын

    yup dum AF LIAR

  • @itstherealwon
    @itstherealwon8 ай бұрын

    give him 100 years already

  • @johannesbols57
    @johannesbols5717 күн бұрын

    Coming back to these uploads July 2024 and still learning more detail. Sam's 'it's all always somebody else's fault' excuse didn't bode well, now did it?

  • @user-tz6ob3tr2w
    @user-tz6ob3tr2w8 ай бұрын

    He is guilty! You can’t be ignorant to the fact you don’t have billions in revenue or investor money and yet you spend money like you have billions. Lock him up

  • @pyroman7196
    @pyroman71968 ай бұрын

    Why is the audio ahead of the video? Is the audio re-recorded?

  • @Sweetdrmz
    @Sweetdrmz8 ай бұрын

    I have a one BNB bet , he doesn’t spend a day in jail.

  • @theObscure3rd
    @theObscure3rd8 ай бұрын

    The crazy thing is that all the FTX Insiders could have made this harder on the prosecution by all of them not taking any plea deals and shutting up and getting solid lawyers. The FEDs would have had a years long battle with them

  • @MortonT1958

    @MortonT1958

    8 ай бұрын

    Correct, but they all knew that one or more of the others would eventually crack and cooperate (just like the Trumpster’s crew). They all faced the classic Prisoner’s Dilemma.

  • @kerwingray9386

    @kerwingray9386

    8 ай бұрын

    I gather that you are unfamiliar with criminal culture.

  • @illogicmath
    @illogicmath8 ай бұрын

    How are you able to stay so still in front of the camera. Are you sure you're not a robot?

  • @rudolfsanchez9855
    @rudolfsanchez98558 ай бұрын

    introvrted points to self alone takes resp0nsibity for bad decisions made extroverted points to others ouside of seif does not take responsibility for bad decisions made

  • @rudolfsanchez9855

    @rudolfsanchez9855

    8 ай бұрын

    man bound by fates determined in the stars versus bound determined by man on the earth= mature person in adulthood spiritual evolution

  • @timtim4525
    @timtim45258 ай бұрын

    He can room with Bernie madoff. That seems right

  • @michellebowers8652

    @michellebowers8652

    8 ай бұрын

    Madoff is dead. Unless you’re suggesting he share a coffin with Madoff.

  • @justkaz7104
    @justkaz71048 ай бұрын

    90

  • @ordinaryman2299
    @ordinaryman22998 ай бұрын

    the bankman fried's are the ugly duckling of this story !!!

  • @mademsoisellerhapsody
    @mademsoisellerhapsody8 ай бұрын

    So the Defense started by painting a picture of a sponge Bob sorta guy. Except Sam is NOT 🧽Bob. More like Mr Krabs.

  • @AmishK11
    @AmishK118 ай бұрын

    This is AI generated video

  • @mentalpot
    @mentalpot8 ай бұрын

    Why is Yoko Ono following this case. Did she have a ton of Lennons money in FTX?

  • @ernestgreen1952

    @ernestgreen1952

    8 ай бұрын

    My understanding is Yoko is far from well. Are you contacting dead Beatles through seances? Because they keep contacting me telling me to tell you to contact them.

  • @chrissheppard5068

    @chrissheppard5068

    8 ай бұрын

    This reporter is better looking and more useful than yokel sorry Yoko..spectacles in the post@@ernestgreen1952