
Unchained
SBF Trial, Day 14: Sam Bankman-Fried Casts Blame on Others for Key Decisions at FTX
Oct 28, 2023
Sam Bankman-Fried took the stand, painting himself as a misguided entrepreneur while denying any fraud. He attempted to deflect blame onto his inner circle, claiming they acted independently without his knowledge. As he shared lengthy explanations for his decisions, he admitted to mistakes, particularly in risk management. Interestingly, he characterized his ex-girlfriend Caroline Ellison as a skilled trader, pointing to her failures as part of his defense strategy. The trial showcases the clash between personal accountability and shared responsibility.
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Quick takeaways
- SBF admitted to making mistakes, with the lack of a dedicated risk management team being the most significant one.
- SBF attempted to shift blame for certain decisions onto his inner circle, claiming they had authority to act without consulting him.
Deep dives
Defendant attempts to re-cast his image and shift blame
During the trial, former FTX CEO Sam Pinkford-Fried asserted his innocence and expressed ignorance about critical events in the case, putting the blame on other members of the so-called Inner Circle. He admitted to making mistakes but emphasized the lack of a dedicated risk management team as the biggest one. While he presented alternate explanations for damning claims, it remains to be seen how the jury will perceive them.
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