As Sam Bankman-Fried’s FTX trial is underway with a lot of drama, intrigue and more, yet another different comparison has taken place. Prosecutors in the FTX trial compared Sam Bankman-Fried’s defense arguments as something similar to the dialogue in the comedy movie Dumb and Dumber starring celebrity actors Jim Carrey and Jeff Daniels, according to a popular outlet.
CNBC reported that on Thursday, assistant U.S. attorneys for the Southern District of New York gave a written brief to Judge Lewis Kaplan. In the brief prosecutors dissented with some of Bankman-Fried’s defense team’s instructions to the jury.
The jury instruction from the defense read, “If you find that FTX customers, after depositing funds with FTX, received a credit to transact on the FTX exchange and therefore received the right to withdraw an equivalent amount of funds at a later time upon request, that is insufficient to establish that they were deprived of property.”
Government prosecutors are basing their arguments on the premise that FTX, the crypto exchange of which Sam Bankman-Fried was CEO, took out customers’ fund to use them to cover up Alameda Research’s losses after the steep decline in crypto currency prices. Alameda is a hedge fund that is a sister concern of FTX.
The U.S. attorneys also allege that funds were used to buy property worth $35 million in the Bahamas and for political donations.
The outlet also reported that prosecutors call the claim of the defense “untethered to the facts of the case.” They say that saying that credit that can be used to get funds in future, if such funds become available is not the same as having money or property nor is it “as valuable, as the money or property itself.”
CNBC also reported that the prosecutors added a footnote where they mentioned a popular movie of the nineties, comedy film Dumb and Dumber and noted that a briefcase filled with money was not the same as one filled with IOUs.
Jim Carrey, who essays the role of Lloyd Christmas in Dumb and Dumber returns a briefcase to its owner filled with paper. He says, “That’s as good as money, sir.”
Former CEO Sam Bankman-Fried’s trial has completed three weeks. It is expected to start again, late the following week. It is also expected to stretch into November. Bankman-Fried has pleaded not guilty to all the criminal charges against him and is facing trial unlike his senior executives and coworkers who pleaded guilty and are cooperating with the prosecutors.
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