Sam Bankman-Fried’s defense team fails to land a blow as he takes the stand
Courtroom sketch showing Sam Bankman Fried questioned by his attorney Mark Cohen. Judge Lewis Kaplan on the bench
Artist: Elizabeth Williams
Sam Bankman-Fried took the stand in a New York courtroom on Thursday, as he and his defense team auditioned their best legal material for U.S. District Judge Lewis Kaplan.
The former crypto billionaire had originally been scheduled to testify before the jury, but the judge sent jurors home early to consider whether some aspects of Bankman-Fried’s planned testimony, related to legal advice he got while running FTX, would be admissible in court.
In a sort of mini-hearing within the trial, defense attorney Mark Cohen guided Bankman-Fried through a series of questions designed to showcase the defense’s strongest arguments of his innocence, including suggesting that he relied on FTX’s former chief regulatory officer and in-house attorney, Dan Friedberg, to guide some actions that the government claims are illegal.
Bankman-Fried faces seven criminal counts, including wire fraud, securities fraud and money laundering, that could land him in prison for more than 100 years if he is convicted at his trial in Manhattan federal court. Bankman-Fried, the son of two Stanford legal scholars, has pleaded not guilty in the case.
“Before the trial, I was convinced that SBF was headed to near-certain conviction on serious felony counts, and it was apparent to me that his defense team had not come up with anything that could derail that result,” said Renato Mariotti, a former prosecutor in the U.S. Justice Department’s Securities & Commodities Fraud Section and now a trial partner in Chicago with Bryan Cave Leighton Paisner.
“Nothing that has occurred during the trial has changed my view. The evidence of his guilt appears to be overwhelming,” added Mariotti.
In the last four weeks of trial, multiple members of the C-suite at crypto exchange FTX, and its sister hedge fund Alameda Research, have all singled out Bankman-Fried as the mastermind behind the scenes. Several of these witnesses have themselves pleaded guilty to multiple charges, including Bankman-Fried’s ex-girlfriend Caroline Ellison, who faces a maximum sentence of 110 years for crimes committed while she was the CEO of Alameda.
Prosecutors have also entered evidence to corroborate witness accounts, including encrypted Signal messages and other internal documents that appear to show Bankman-Fried orchestrating the spending of FTX customer money.
The defense’s case — which is comprised of Bankman-Fried’s upcoming testimony along with that of two witnesses who both wrapped in just over an hour on Thursday morning — hinges on whether the jury believes the defendant when he takes the stand.
“He has always been convinced that he’s the smartest guy in the room and that he can talk his way out of any problem,” continued Mariotti.
“But the biggest problem with SBF’s testimony will be SBF himself. Given that the core issue will be intent to defraud, SBF should be portraying himself as clueless, inattentive, and in over his head. But for years he had portrayed himself as a visionary genius, and I don’t expect that to change on the stand,” he said.
Defense struggles to land a blow
Judge Kaplan previously ruled that Bankman-Fried’s lawyers could not make a so-called advice of counsel argument in their opening remarks since it might risk prejudicing the jury. On Thursday, Kaplan sent the jury home early to reconsider in a closed-door session whether to allow this line of testimony.
Under questioning led by Cohen, Bankman-Fried appeared to place much of the criminal blame on FTX’s chief regulatory officer, Friedberg, as well as outside counsel Fenwick & West, which advised the crypto exchange. Bankman-Fried spoke about Friedberg’s active involvement in everything from the company-wide auto deletion policy on messaging apps like Signal, to the creation of Alameda’s North Dimension bank account, where billions of dollars worth of FTX customer money was funneled.
The former FTX chief also said that the hundreds of millions of dollars in personal loans to himself and other founders of the platform were structured through promissory notes drafted by his in-house legal team and discussed in concert with his general counsel and Friedberg. Having the blessing of his legal counsel was something that SBF said he “took comfort in.”
While taking the stand offers Bankman-Fried the opportunity to tell his side of the story to jurors, it also opens the door for federal prosecutors to go for the jugular in cross-examination. Following damning testimony from Bankman-Fried’s closest ex-confidantes and top deputies, defense attorneys for the FTX founder have failed to flip the narrative in cross-examining key witnesses or to undermine the most troubling allegations regarding their client.
Indeed, Bankman-Fried’s practice run on Thursday was tough to watch. While he came across as direct and credible in his direct examination, the grilling by prosecutors was aggressive and effective. At multiple points, the judge appeared exasperated by Bankman-Fried’s responses, once saying that the defendant had an “interesting way of answering questions.”
The defendant’s demeanor flipped 180 degrees when U.S. assistant attorney Danielle Sassoon began her questioning. He swiveled back and forth in his chair, nervously shook a piece of paper he held in his hands, repeatedly grabbed for his water bottle before responding, and skirted a lot of questions by saying he couldn’t recall what had happened.
Judge Kaplan interjected at one point, telling the defendant to “listen to the question and answer the question directly.”
On Friday morning, we’ll get a ruling from the judge on what’s admissible from the defense’s wish list of topics – as well as Bankman-Fried’s debut before the jury from the stand.
“Given that he appears headed for defeat, taking the stand can be a ‘Hail Mary’ of sorts,” said Mariotti.
“SBF will be hamstrung by his many prior statements, which could be used to impeach him. It will be difficult for SBF to weave his testimony around those prior statements.”
This week’s testimony is just the latest example of the defense team’s struggle to land a blow in the criminal fraud case.
Prosecutors spent four weeks of the trial walking former leaders of FTX and Alameda Research through specific actions taken by their boss that resulted in clients losing billions of dollars late last year.
In trying to poke holes in witness accounts, Bankman-Fried’s lawyers have repeatedly jumped around, unable to maintain a consistent timeline or coherent argument, while also opening the door for witnesses to offer additional testimony in furtherance of what they’d previously told the jury.
The scattershot approach is potentially troubling for Bankman-Fried, who’s counting on his defense attorneys to keep him out of prison in what could be a life sentence if convicted. The central claim the defense has been unable to knock down is that Bankman-Fried knowingly used billions of dollars in FTX customer funds to pay for his lavish lifestyle, to make political donations and, most dramatically, to cover a gaping hole in Alameda’s books following the cratering of cryptocurrency prices last year.
Cohen, a co-founder of the New York law firm Cohen & Gresser, is being joined at trial by Christian Everdell, a member of the firm’s white collar defense team. Cohen, a graduate of the University of Michigan Law School, started his firm 21 years ago and previously served as an assistant U.S. attorney for the Eastern District of New York. Everdell started at Cohen & Gresser in 2017 after almost a decade working as a prosecutor for the Southern District of New York.
— CNBC’s Dawn Giel contributed to this report.
Mark Kay’s iconic Pink Cadillac awards are driving into the future for 2025. The company’s first-ever electric Pink Cadillac OPTIQ made its debut during the Mary Kay annual Seminar in Charlotte this weekend, symbolizing a “recharged vision” for the future of the popular brand.
Pioneers in monetizing friendships female empowerment and entrepreneurship, the Pink Cadillac is considered one the most coveted symbols of achievement for Mary Kay sales reps, signifying not just great sales (GM Authority reported that it took ~$102,000 in annual sales to qualify back in 2001), but also leadership, a history of mentoring others, and a sustained reputation of excellence among their peers.
The women you see behind the wheel of the Pink Cadillac are the real deal, in other words, and the big Caddy really does mean something to people in the know.
The iconic pink Cadillac was born in 1968 when Mary Kay Ash purchased a Cadillac Coupe De Ville from a Dallas dealership and promptly had it painted to match the pale pink Mary Kay lip and eye palette. General Motors later named the color Mary Kay Pink Pearl, and the shade is exclusive to Mary Kay.
MARY KAY
Now, the Pink Cadillac is going to stand for environmental sustainability, too, enabling Mary Kay’s top performers to set yet another positive example for anyone aspiring to their success.
“For decades, the Mary Kay pink Cadillac has symbolized accomplishment, aspiration, and the power of recognition,” said Ryan Rogers, Chief Executive Officer of Mary Kay. “With the introduction of the all-electric OPTIQ, we’re honoring that iconic legacy while driving into a transformative future—one grounded in our commitment to sustainability and dedication to inspiring and celebrating the achievements of our independent sales force for generations to come.”
Mary Kay announced its new Pink Cadillac with this video, below.
Same Legacy, New Energy
“The legacy continues with the new, all-electric (and still very pink) Cadillac Otiq [sic],” reads the official Mary Kay copy on YouTube. “The Optiq remains instantly recognizable with the pink pearl exterior, while modernizing with sleek, cutting-edge features. In addition, this vehicle showcases our commitment and dedication to sustainability by reducing our carbon footprint while continuing to inspire.”
Speaking of inspiration, I can’t hardly hear the words “Pink Cadillac” without thinking of the song. But, since “Bruce Springsteen” has become something of a trigger word for the MAGA snowflakes in the audience, I’ll post a different, but similarly great song about rose-tinted GM flagships from Dope Lemon. You can let me know what you think of it in the comments.
As ever, the Cadillac is not a “gift,” per se – but typically takes the form of a two year lease paid for by Mary Kay. No word yet on what the exact shape and form the OPTIQ deal will take.
Electrek’s Take
Whatever you might think of MLMs or businesses like Amway, Avon, or Mary Kay, they play a big part in the social dramas of hundreds (if not thousands) of neighborhoods and online communities. The people at the top are influential, and the people “below” them genuinely try to emulate them and follow their lead.
Thanks to Mary Kay, that might soon mean a decision to buy an electric vehicle – and that result would be a win for everyone.
SOURCE | IMAGES: Mary Kay.
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RBW, a British handcrafted electric car manufacturer, brought its cute little Roadster out to Santa Monica and invited us up for a drive.
RBW has built cars in the UK for a few years now, but is about to set up US manufacturing in Virginia. Along with that comes a version of its Roadster modified for the US market, and we got a sneak peek with a short drive in Santa Monica.
The RBW Roadster is a small, hand-built, retro-style EV, meant as a modern take on British classics. But it’s not an actual classic itself – it’s a newly-built vehicle, with a new body, modern safety features, and even some electronics, like CarPlay and Android Auto (but not much else – there’s no huge, cockpit-defining screen, just a 9″ one, with retro gauges in front of the driver. But it does have a backup camera!).
Our drive was short, just a quick trip up and down the most trafficky part of Pacific Coast Highway in Santa Monica, without much chance to really stretch the vehicle’s legs. So we can’t verify range or tell you how it handles on the limits, but we can tell you about the basic controls and feel of the vehicle.
On a mostly smooth road, the car offered a comfortable ride dynamic. We didn’t get a sense of chassis noise because the top was down (which I surmised was an intentional effort by the company – I’ve used the same trick when showing off my car before).
The steering is tight and has a good weight to it, and the retro-style steering wheel felt great in my hands.
Of particular interest to me, as a long-time EV driver, is how the throttle pedal is tuned. Lots of EVs add some intentional delay or smoothing to throttle inputs, which ends up making the pedal feel mushy and indirect, reducing the control you have over the vehicle.
For reference, the cars I drive most often are the Tesla Roadster and Model 3, which both have excellent direct pedal feel.
And I’m happy to report that the RBW Roadster’s throttle pedal feels very similar to the cars I love to drive. The car feels quick, and responds exactly to what I want it to do, when I want it to do it. But it’s not excessively “punchy” like some of the more absurdly-powered EVs can be (like the Tesla Model S Plaid or the Macan Turbo S).
It does not, however, have off-throttle regenerative braking, aka one-pedal driving. Pressing the brake pedal engages regen, but letting off the throttle lets you simply coast. I personally prefer one-pedal driving, but one consideration RBW had is that since the car does not have traction control, regenerative braking on the rear axle (where the motor is) could potentially present a safety issue on slippery roads. So, fair enough I guess, but I still do prefer one pedal.
Speaking of pedals, the brake pedal was placed quite far from the accelerator. This is a plus and a minus – a minus because it’s quite different from most vehicles these days, where the pedals are placed closer, for ease of reaching them with your right foot. A plus because higher separation might reduce the chance of “crossing the pedals” and accidentally pressing both with the same foot in an emergency situation, and because it enables left-foot braking, which is generally better for performance driving… in the hands of a trained driver, anyway.
That said, this isn’t exactly a performance car. It’s fun, it’s responsive, but it’s not powerful. The version we tested had a 0-60 time of only around 9 seconds, so it didn’t give you the “throw your head back” feeling that so many EVs on the road these days do. It’s responsive, but not fast.
RBW says the American version will have more motor power than the UK version, but it’s still trying to figure out exactly how to tune it. This should bring 0-60 times down by about a second. But we can’t help but think that it would be nice with even a little more power than that, which we think should be possible given the car’s 50kWh battery and ~2,900lb weight, specs that are similar to my similarly-sized Tesla Roadster (as you can see below – along with the GT version of the RBW, on the right).
Here’s an issue: all the specs we were given seem extremely fluid. While talking to the company, I got several different numbers for any given specification. It seems to me like the company is still figuring out exactly what changes it will make for its US models.
This is somewhat to be expected of a small, hand-built manufacturer, especially since buyers can ask for certain modifications or personalizations (seat height, for example, which is important in a small car like this). But it does make it tough to write an article about it.
Nevertheless, the car drives well, and RBW seems to have gotten a lot right about the dynamics of the vehicle. It executes well on its goal – a fun, small British-style roadster, a great weekend car for those who have the means.
As for the means, the RBW Roadster will start in the $140-150k range, so it’s not cheap. But if you’re looking for something like this, it’s just about the only game in town, and it’s a good execution of the feel of a nimble roadster for weekend cruising.
RBW is currently taking $1,000 reservations for 2026 builds, and you can have a look at configurations (paint, roof, interior, wheels) over on its website.
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Canadian startup Beachman has just unveiled its latest electric two-wheeler, the ’64, a vintage-styled electric motorcycle that looks like it rolled straight out of the 1960s. With throwback café racer design and a respectable top speed of 45 mph (72 km/h), it’s a slick little ride with a curious twist: it calls itself an e-bike.
It’s not just a casual reference, but it’s baked into the name. The full model name on Beachman’s website is the ’64 E-Bike.
While I’d generally be inclined to give them the benefit of the doubt, since many motorcyclists refer to electric motorcycles as “e-bikes” and the term has a broad definition in colloquial usage, the company is obviously casting more in the “electric bicycle” end of the spectrum. They even say on their website that it is “rideable as either a Class II E-Bike or a Registered Moped (in most states).”
Despite lacking pedals entirely – and clearly designed more like a lightweight electric motorcycle – the Beachman ’64 comes with a selectable “E-Bike Mode” that limits it to 20 mph (32 km/h). The implication? That riders can use this obvious motorcycle in bike lanes like a Class 2 e-bike. Legally speaking, that’s a stretch, to put it mildly. In fact, I’m not currently aware of any state where that’s explicitly legal, though it could probably pass in many states due to the current state of enforcement we usually see.
According to Beachman, the ’64 has three ride modes:
- E-Bike Mode: 20 mph (32 km/h) top speed, which the company says is “perfect for bike lanes.”
- Moped Mode: 30 mph (48 km/h) top speed, which does match legal definitions for mopeds in some jurisdictions, even without pedals.
- Off-Road Mode: 45 mph (72 km/h) top speed, no pretense – just a motorcycle.
In practice, I don’t think it’s a stretch of the imagination to assume that most riders will likely keep it in Off-Road Mode, where the bike delivers its full 3,000W performance and offers the most fun. And specced with decently large batteries, it could actually do some modest commuting, even at higher speeds. The ’64 comes with a removable 2.88 kWh battery (or optional 3.6 kWh upgrade), and range is estimated at 55–70 miles, depending on configuration. It charges to 80% in three hours and even features regenerative braking.
The company leans heavily on its “timeless design” messaging, and to their credit, the ’64 nails the aesthetic. It looks great. The frame, tank, and seat all channel classic motorcycle vibes while skipping the modern digital overload – no apps or touchscreens here. Just a clean, simple throttle and some retro charm.
But for all the cool factor, the classification confusion raises eyebrows. Calling a 45 mph, pedal-less motorcycle an “e-bike” in any meaningful legal sense is a misfire. Some states allow low-speed mopeds in bike lanes, but others draw the line at motorized vehicles without pedals. The ’64 might get away with it in limited cases, but most jurisdictions will (rightfully) require it to be registered and insured as a motor vehicle. And it’s unclear if explaining to the officer, “But I had it in 20 mph mode…” will help much on the side of the road.
Still, Beachman is aiming at a particular rider who wants motorcycle style and speed without all the baggage. With a starting price of $4,800, the ’64 could be an appealing step-up for e-bike riders looking to graduate into something faster without committing to a full-sized gas bike.
Just don’t expect to blend in on the bike path.
Electrek’s Take
Look: The bike looks fantastic and probably rides well, but come on, it’s a 230 lb (105 kg) motorcycle.
Let’s stop calling every throttle-only EV an e-bike just because it’s got two wheels, a battery, and a button that neuters it to 20 mph. This has gotten silly. You built a great-looking bike. But it’s a bike in the way a motorcycle rider refers to his “bike.” It’s not a bicycle, and it’s not a bike lane vehicle any more than a Sur Ron is. At least not if you respect your fellow two-wheel riders around you.
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