"Sam Bankman-Fried's Trial Exposes Financial Deceit and $9 Billion Disappearance"

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Source: CNBC
"Sam Bankman-Fried's Trial Exposes Financial Deceit and $9 Billion Disappearance"
Photo: CNBC
TL;DR Summary

Prosecutors in the criminal trial against FTX founder Sam Bankman-Fried compared one of the defense's arguments to a scene in the movie "Dumb and Dumber," criticizing the claim that customers still had a credit to the funds they deposited even if the money wasn't there. The government's case centers around billions of dollars that FTX allegedly siphoned out of customer accounts to cover losses at sister hedge fund Alameda Research. Bankman-Fried, who faces seven criminal fraud charges, has pleaded not guilty and could face life in prison if convicted. The trial is set to resume next week.

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