They could send Sam Bankman-Fried to prison for the rest of his life

The Bankman-Fried Case Against a White Collar Law Firm: The Inconsistency of the FTX-Leading Firm

Cohen and Gresser is a white collar law firm that has been tasked with defending Bankman-Fried. Their cross-examination of key prosecution witnesses—particularly Caroline Ellison, CEO of Alameda and one-time girlfriend to Bankman-Fried—has been described in the press as “meandering,” “confused,” and “lacklustre”. The defense has made the judge uncomfortable with repetitious questions, groundless objections and requests for sidebars, even after being given a lot of latitude.

The opening statement implied that the defense would attempt to undermine key witnesses and members of Bankman-Fried’s inner circle in order to show that he acted in a rational manner. Much of the criticism of the defense has focused on its failure to achieve the first objective: to call into question the reliability of the insider witnesses, who will benefit from plea deals in exchange for their testimony.

Singh eventually became FTX’s chief engineer. He told the court that Bankman-Fried instructed him to write the computer code which made it possible for Alameda to take billions of dollars from FTX.

Bankman-Fried and Alameda Research worked together to build up FTX, the cryptocurrency exchange, into a billion-dollar business.

Now, Bankman-Fried is being charged with several criminal counts, including fraud, and his fate could hinge on the testimony provided by three of his now-former lieutenants. If convicted of all charges, the former FTX CEO could spend the rest of his life in prison.

The former executives shared details of the fraud that prosecutors have said was masterminded by Bankman-Fried.

Bankman- Fried and his former colleagues socialized together and shared meals, playing padel tennis.

They have all pled guilty to help Bankman-Fried cheat customers, while enriching themselves, and now they are cooperating with prosecutors as they hope to get less time in prison.

A Relationship between Ellison and Bankman-Fried: The Loss of Alameda Research During the 2018 Silicon Wall Street Crisis

Ellison and Bankman-Fried met at a Wall Street firm. She was finishing up her undergrad degree at the University and he was an MIT graduate.

In 2018, the two of them began dating, and that power dynamic became especially difficult when Bankman-Fried promoted her to CEO of Alameda Research, she said.

“I would say in our personal relationship there was a general theme that I sort of wanted more from our relationship, but often felt like he was distant,” Ellison recalled.

She told the court that Bankman-Fried directed her to commit the crimes. She also said Bankman-Fried instructed her to send “dishonest” financial information to lenders and investors.

Ellison was accused of mismanaging Alameda’s finances and of being an incompetent and inexperienced leader who failed to prepare for a downturn in thecryptocurrencies market in 2022 that led to substantial losses.

Bankman- Fried and Singh met at a prestigious private school in Northern California.

Singh graduated from the University of California, Berkeley, where he studied computer science, and briefly worked at Facebook. Then, Bankman-Fried recruited him to Alameda Research in 2017.

Singh testified on the witness stand that he considered quitting several times and that he lost his faith in Bankman-Fried. He didn’t go through with it because he thought his departure could hurt the company.

“I had a lot of admiration and respect for him,” Nishad Singh said, of Bankman-Fried. I grew distrustful over time, and I think that a lot of that eroded.