Three hours to guilty: How the government nailed Sam Bankman-Fried
Former FTX Chief Executive Sam Bankman-Fried, who faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, arrives on the day of a hearing at Manhattan federal court in New York City, January 3, 2023.
David Dee Delgado | Reuters
In Sam Bankman-Fried’s fraud trial, prosecutors won quickly by keeping it simple.
Jurors needed only about three hours of deliberations to find the FTX founder guilty of seven criminal counts, which could amount to a life sentence. For a high-profile monthlong trial that involved nearly 20 witnesses and hundreds of exhibits, experts told CNBC they’d never seen such a speedy decision.
“The jury came back in next to no time on seven counts of fraud and conspiracy, a charge that is notoriously difficult to prove beyond a reasonable doubt in typical cases, especially for complex financial wrongdoing,” said Yesha Yadav, professor of law and associate dean at Vanderbilt University.
Working in the government’s favor was a basic fact that’s accepted by just about everyone: stealing money is wrong.
Both the prosecution and defense agreed that $10 billion in customer money that was sitting in FTX’s crypto exchange went missing, with some of it going toward payments for real estate, recalled loans, venture investments, and political donations. They also agreed that Bankman-Fried was calling the shots.
The key question for jurors was one of intent. Did Bankman-Fried knowingly commit fraud in directing those payouts with FTX customer cash, or did he simply make some mistakes along the way?
Nicolas Roos and Danielle Sassoon, the two assistant U.S. attorneys who led the prosecution’s case through the trial, continuously reminded investors that billions of dollars went missing at the expense of ordinary investors. Crypto may be complicated because it’s unregulated and has been difficult to categorize as a currency, commodity or something else. But Roos and Sassoon emphasized how little any of that mattered to the case at hand.
The prosecution called as its first witness a London-based cocoa bean trader who lost $100,000 on FTX. The investor, Marc-Antoine Julliard, turned to the platform in 2021 to diversify his holdings because he said the company gave the impression that it was trustworthy.
“The key at trial, aside from the multiple cooperators, was the way in which prosecutors simplified the case and tried it as a garden-variety fraud instead of as a complex crypto scheme,” Renato Mariotti, a former prosecutor in the U.S. Justice Department’s Securities and Commodities Fraud Section, told CNBC.
Mariotti, who’s now a trial partner in Chicago with Bryan Cave Leighton Paisner, said, “The simpler story is usually the winner at a jury trial.”
Damian Williams, U.S. attorney for the Southern District of New York, underscored that point in a press briefing after the verdicts were read on Thursday evening.
“While the cryptocurrency industry might be new and the players like Sam Bankman-Fried might be new, this kind of corruption is as old as time,” Williams said. “This case has always been about lying, cheating, and stealing, and we have no patience for it.”
Prosecutors had a lot going for them.
Bankman-Fried, the 31-year-old son of two Stanford legal scholars, had shirked legal advice well after FTX and sister hedge fund Alameda Research spiraled into bankruptcy in late 2022. He remained prolific and unfiltered in dealing with the press, even speaking publicly by video to journalist Andrew Ross Sorkin at the New York Times DealBook Summit, which took place three weeks after his crypto empire collapsed.
“What do your lawyers tell you right now,?” Sorkin asked. “Are they suggesting this is a good idea for you to be speaking?
“No, they are very much not,” Bankman-Fried responded. “The classic advice — don’t say anything, recede into a hole. And that’s not who I am. It’s not who I want to be.”
That interview, along with others, came back to haunt him. Audio and video clips and news excerpts, from before, during and after FTX’s failure, gave the prosecution a mountain of evidence on top of the damning witness testimony it was able to present.
‘Impossible position’
In September of 2022, when the crisis had become evident internally, Bankman-Fried told CNBC that he had $1 billion in free cash to deploy across the industry. The following month, at an event in Washington, D.C., he boasted of FTX’s role in helping to prop up the industry through a cascade of failures.
In presenting those statements to the jury, the prosecution made clear that Bankman-Fried knew he was lying.
“SBF lost this case before it started,” Mariotti said. “He put his lawyers in an impossible position by committing outlandish crimes and refusing to keep his mouth shut even after it was apparent that he was under investigation.”
Sassoon ended by telling the jurors that Bankman-Fried thought he could fool customers, reporters and the public. Now, he was aiming to fool them.
“Don’t fall for it,” she said. “Find him guilty.”
Paul Tuchmann, a former federal prosecutor who is currently a partner with Wiggin and Dana LLP, said a three-hour deliberation for a trial of this length is “not common at all.”
“It really goes to show the strength of the government’s case,” said Tuchmann.
While prosecutors brought up witnesses from Bankman-Fried’s inner circle who were cooperating as part of plea agreements, the defense’s case was mostly built on testimony from the defendant himself. Tuchmann described Bankman-Fried’s performance as “unpersuasive.”
Sam Bankman-Fried’s parents, seated to the left, react to the verdict. U.S. Attorney Damian Williams is seated to the far right.
Artist: Elizabeth Williams
Starring for the prosecution was Caroline Ellison, Bankman-Fried’s ex-girlfriend and the former head of Alameda. On the stand, Ellison, who pleaded guilty in December to multiple charges, said that she and Bankman-Fried committed “fraud, conspiracy to commit fraud and money laundering.”
Jurors also got to hear Ellison on tape describing to employees the huge hole in FTX’s balance sheet and the disappearance of customer money. And they saw text messages she sent to Bankman-Fried, including one as the grand scheme was falling apart, in which she wrote “this is the best mood I’ve been in in like a year” because the nightmare was all finally coming to an end.
“No one had a shred of support for SBF, nor should they have,” trial attorney James Koutoulas told CNBC.
Regarding the speedy deliberation, Koutoulas said, “That’s enough time for everybody to be like, I’m glad it’s over, let’s eat our cookies or our sandwiches, recap the facts, and everybody say, ‘OK, well he’s guilty, right?'”
In addition to Ellison, the government called to the stand FTX co-founder Gary Wang, who was Bankman-Fried’s childhood friend from math camp, FTX’s former director of engineering Nishad Singh, and Bankman-Fried’s former roommate and senior FTX coder Adam Yedidia. FTX’s ex-general counsel Can Sun also testified.
“The prosecution featured no fewer than four cooperating witnesses from the senior ranks of the companies, all of whom convincingly described the defendant as the leader of the fraudulent schemes,” said Kevin J. O’Brien, a former assistant U.S. attorney who specializes in white collar criminal defense in New York. “The prosecutors were confident, brisk and well-organized in their presentation, which juries in a complex, lengthy case always appreciate.”
The defense, led by Mark Cohen, tried to create reasonable doubt by pointing out flaws in testimony. But O’Brien said the defense failed to negate the important facts.
When Bankman-Fried took the stand over three separate days, he did himself no favors.
Bankman-Fried rushed through lengthy and convoluted sentences that at times were repetitive and contradictory. That’s when he was responding to his lawyer’s questions. On cross-examination, he clammed up, replying with “Yup,” and some variation of “I don’t recall” over 100 times.
Bankman-Fried’s decision to testify “backfired because of inconsistencies in his testimony and his general lack of appeal,” said O’Brien.
Mariotti credited the Justice Department for working “collaboratively and with urgency” with the Commodities Future Trading Commission and the Securities and Exchange Commission. That allowed the government to move swiftly while gathering highly compelling evidence.
“Sam Bankman-Fried will be remembered as one of the biggest fraudsters of our lifetimes,” Mariotti said. “He has finally met a situation that he can’t talk his way out of.”
In a bid to get it above the $1.00/share NASDAQ-required minimum, fledgling EV brand Polestar ($PSNY) is rumored to be considering a 1:30 reverse stock split that could see the per-share price rocket up to nearly $16.
Geely-owned Volvo spinoff Polestar is working as hard as Tesla to prove that stock prices have little or nothing to do with traditional business fundamentals in 2025.
That’s because Polestar posted a 36.5% increase in retail sales and a heady 48.8% increase in revenue (to $2.17 billion) over the year before, Polestar’s share price has plummeted more than 35% in a matter of a few weeks – culminating in an unwelcome nastygram from NASDAQ threatening to delist the company’s shares from the NASDAQ if they didn’t climb back up above $1.
It looks bad
To goose the share price, CarScoops is reporting that Polestar aims to move forward with the reverse stock split before the end of 2025. The expected 1:30 reverse split would boost the PSNY price to an estimated $15.90 per share at current prices, keeping the brand well out of risk of a delisting.
In a reverse stock split, each share of the company is converted into a fraction of a share – so, if a company announces a one for ten reverse stock split (1:10), every ten shares that you own will be converted into a single share. In a 1:30 reverse split like the one rumored here, every thirty shares in Polestar would become a single share.
The reverse split increases share price, but it’s not without risk:
A company may declare a reverse stock split in an effort to increase the trading price of its shares – for example, when it believes the trading price is too low to attract investors to purchase shares, or in an attempt to regain compliance with minimum bid price requirements of an exchange on which its shares trade … investors may lose money as a result of fluctuations in trading prices following reverse stock splits.
That’s especially relevant because, despite the increased sales and revenue, the company is also posting increased losses. Through September, the brand posted a $1.56 billion net loss compared to an $867 million loss in the first nine months of 2024. The company is also getting hit hard by Trump-imposed tariffs in the US and increased downward pressure on pricing coming from aggressive post-tax credit discounts from rival brands like BMW and Kia.
If the split does happen, here’s hoping Polestar can make the most of their borrowed time and they don’t end up like Lordstown Motors or Faraday Future – two brands that have pulled similar reverse stock splits with dubious results.
Electrek’s Take
Product-wise, at least, Polestar’s future appears to be bright. The new 3 crossover is a viable competitor to the industry-leading Tesla Model Y, and the upcoming Polestar 4 and 5 models seem like winners, too. To drive that point home, Polestar is promoting up to $18,000 in lease incentives to lure Tesla buyers into their showrooms.
You can find out more about Polestar’s killer EV deals on the full range of Polestar models, from the 2 to the 4, below, then let us know what you think of the three-pointed star’s latest discount dash in the comments section at the bottom of the page.
SOURCE: CarScoops; images via Polestar.
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With its sleek, uncluttered styling and more than 100 miles of battery-electric range before the extended range electric sedan’s gas engine kicks on, maybe the new Nissan N6 really should have been the next Maxima!
Struggling Japanese carmaker Nissan is dealing with an aging lineup and a brand identity driven more by subprime financing than any suggestion of reliability or sportiness here in the US – but overseas? The brand is rolling out hit after hit, and the latest Nissan N6 plug-in sedan promises exactly the sort of entry-level panache that could change its American fortunes.
“Under our Re:Nissan plan, we are redefining what Nissan delivers today and beyond,” explains Nissan President and CEO Ivan Espinosa. “It’s about strengthening our core, reigniting Nissan’s heartbeat, and creating products that inspire excitement and trust. It is about a sharper, more focused product strategy, a stronger brand, and a renewed commitment to our customers. Integral to this transformation is China — an essential market whose speed, technological leadership, and customer insights are setting the pace for the global auto industry.”
Developed by the Nissan Dongfeng JV in China, the new N6 is more compact that the well-received N7 BEV. In fact, the new Nissan N6, at 190.1″ long, compares nicely to the 192.8″ length of the most recent (and largest-ever) US Maxima, discontinued in 2023. Like the Maxima, the top-shelf version features modern, near-luxe features like soft, leather-like surfaces, LED mood lighting, multi-way adjustable seats, and mimosas or something.
Mimosas or something
The four or five passengers inside the N6 are propelled down the road exclusively by the car’s 208 hp electric motor, which is efficient enough to take you 112 miles on a full charge of its 21.1 kWh LFP battery. Once that charge is depleted, a 1.5L gas engine kicks on as a high-efficiency generator to keep the good times rolling.
Nissan says the N6′ exterior design, “features a V-Motion signature grille and expressive LED lighting at the front and rear.” And says that the car’s crisp lines give it, “a confident, dynamic presence.”
All of which sounds good on its own, but sounds absolutely miraculous when you consider the car’s Chinese price: ¥106,900 – or about $15,000 US for the base Nissan N6 180 Pro, as I type this.
Even with a nearly 100% markup to give it a $29,990 price tag in the US, I think the N6 would be a huge hit in the North American market. And – good news! – thanks to Canada’s apparent willingness to give Chinese carmakers a shot, we might find out if I’m right somewhat sooner than later.
Check out the Nissan N6 image gallery, below, then let us know what you think of the car’s US and Canadian appeal in the comments.
Nissan N6 gallery
SOURCE | IMAGES: Nissan.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
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Environment
BLUETTI just dropped new home backup power stations – and slashed prices up to 65% for Black Friday
Whether you’re prepping for winter power outages, loading up the RV for a long-haul trip, or want clean, reliable power anywhere you go, BLUETTI has a portable power option for every need. And right now, the clean energy experts are offering up to 65% off their most popular products for Black Friday – plus they’ve just dropped two major new releases: the Elite 400 and B500K expansion battery.
Here’s a complete guide to what’s new, what’s on sale, and how to pick the model that fits your lifestyle best. There are also some special deals just for Electrek readers, so don’t miss out!
For home backup + outdoor adventures: Elite 200 V2 and all-new Elite 400
Elite 200 V2 – Best value for backup, camping, and van life
BLUETTI’s Elite 200 V2 is designed for power users who need versatility. It’s nicknamed the “Swiss Army Knife” of portable power stations because it powers everything from your fridge to your laptop — whether you’re off the grid or just want to keep the lights on during a storm.
Key specs:
- Battery capacity: 2,073.6Wh
- Continuous power output: 2,600W (3,900W surge)
- 9 output ports: AC, DC, USB-C, and more
- Recharges to 80% in just over one hour
- Ultra-quiet 16 dB operation
- LiFePO₄ battery with a 17-year lifespan (3,500+ cycles)
Who it’s for:
- RVers, weekend campers, off-grid explorers, small cabin owners
- Homeowners looking for dependable backup power
Commonly powered devices: Mini-fridges, coffee makers, power tools, microwaves, kettles, electric blankets, laptops, LED lights, wifi routers
Its compact profile makes it easy to tuck away in an RV cabinet, trunk, or apartment closet.
Elite 200 V2 Portable Power Station is regularly priced at $1,699, and it’s on sale for the record-low price of $699 – that’s a 59% discount for Black Friday and Cyber Monday.
Elite 400 Rolling Power Station — New and optimized for home
Launching November 15, the Elite 400 is a powerful 3.8kWh portable station designed with mobility and backup readiness in mind. With built-in wheels, a telescoping handle, and side grips, you can roll it anywhere – even if you’re flying solo.
Key specs:
- Battery capacity: 3,840Wh
- Continuous power output: 2,600W (3,900W lifting power)
- 9 output ports for simultaneous device charging
- 15ms UPS switchover during power outages
- Recharges to 80% in 70 minutes using AC + solar
- Low standby energy use (3W) with app-control wakeup and timers
Who it’s for:
- Homeowners needing serious backup power
- Outdoor event hosts, road trippers, off-grid enthusiasts
Commonly powered devices: Full-size refrigerators, sump pumps, CPAP machines, space heaters, power tools, projectors, outdoor cooking appliances, large TVs
Whether you’re powering your home in a blackout or running a campsite movie night, the Elite 400 delivers enough capacity to handle just about anything.
The new Elite 400 Portable Power Station is regularly priced at $2,999, and it’s making its debut on November 15 for $1,499 – that’s a 50% discount for Black Friday and Cyber Monday.
For whole-home power and off-grid living: Meet the new B500K expansion battery
If you’re looking for a system that grows with your energy needs, the B500K expansion battery delivers massive storage potential at a competitive cost of around $0.33/Wh – making it an excellent choice for users seeking higher capacity than the well-acclaimed B300K. Paired with the Apex 300, it also qualifies for the soon-to-end 30% Federal Tax Credit. Designed to integrate seamlessly into BLUETTI’s modular ecosystem, it’s ideal for home battery backup or off-grid setups.
Key specs:
- Supports up to 100 kWh storage (paired with Apex 300 system)
- Compatible with BLUETTI’s SolarX 4K, B300K, Hub D1, and more
- Acts as both standalone power or an expansion battery
- Future-proof with long-term ecosystem integration
The new B500K expansion battery is regularly priced at $2,999, and it’s making its debut on November 15 for $1,699 – that’s a 43% discount for Black Friday and Cyber Monday.
Ideal bundles:
- Apex 300 + B500K: Best for large homes, off-grid living, and whole-home backup. With a larger individual capacity, the B500K enables a plug-and-play power system that can be expanded to a massive 100 kWh with the Apex 300. It provides 3.8 kW of power output and 7,884.8 Wh of capacity in total.
The Apex 300 + B500K Home Battery Backup is priced at $4,998, and it’s on sale for Black Friday for $3,098 – that’s a 38% discount.
- Apex 300 + B300K: The Apex 300, paired with the B300K, provides 5.5 kWh of capacity and up to 3.8kW of power output, offering smaller households or remote cabins reliable off-grid energy with room to scale. It’s an ideal way to support essential loads, such as refrigerators, lights, fans, and wifi routers, without the need to invest in a larger setup.
The Apex 300 + B300K is normally priced at $4,098, and it’s on sale for Black Friday for $2,299 –that’s a 44% discount.
Plus! Both bundles are fully eligible for the 30% federal Residential Clean Energy Credit through December 2025.
For everyday portability: Elite 30 V2 and the new Elite 10
Elite 30 V2 – now in EcoTide colors
If you need lightweight, flexible power for camping, car trips, desk-side charging, or college dorm use, the Elite 30 V2 is the sweet spot. Weighing just 4.3 kg, it’s a portable backup that fits in your backpack or on a small shelf. Plus, it comes in six fun colors.
Key specs:
- Battery capacity: 288Wh
- Continuous power output: 600W (1,500W surge)
- 9 output ports including 140W USB-C PD
- Charges to 80% in 45 minutes
- Quiet operation under 30 dB
- 10-year LiFePO₄ battery lifespan, with a 5-year warranty
Ideal for powering: Laptops, DSLR cameras, portable fans, smartphones, drones, modems, LED lighting, external hard drives
It’s perfect for digital nomads, travelers, or anyone who needs reliable backup power without adding bulk.
Elite 30 V2 Portable Power Station is regularly priced at $304, and it’s on sale for $199 – that’s a 35% discount for Black Friday and Cyber Monday. You can buy it on BLUETTI’s website here and on Amazon here.
Sneak preview: The new Elite 10 – pocket-sized power
Launching on November 20, the palm-sized Elite 10 is BLUETTI’s most compact power station yet. It’s the perfect in-between if a power bank won’t cut it, but you don’t want a full-sized power station.
Key specs:
- Battery capacity: 128Wh
- Power output: 200W AC (300W peak, 400W surge)
- 5 DC outlets + 200W AC outlet
- Fully recharges in 70 minutes
- LED light modes: reading, warm, SOS
Perfect for powering: Bluetooth speakers, portable fans, DSLR cameras, tablets, Chromebooks, routers, handheld consoles, mini-fridges
Small enough to slip into a tote, train bag, or glovebox, the Elite 10 is built for everyday carry and quick power access.
The Elite 10 launches next week and is said to be the best budget-friendly option yet – available for under $150, and rumored to go even lower. You’ll be able to grab it on BLUETTI’s website and on Amazon here starting November 20.
Electrek exclusive discounts
In addition to the fantastic Black Friday Cyber Monday sale prices, up to 65% off, BLUETTI is offering a special discount code just for Electrek readers!
- 95% of BLUETTI products qualify for an extra 5% off with code: ELECTREK5OFF
- The new Elite 400 and all Apex 300 series products qualify for 6% off with code: ELECTREK6OFF
Now is the best time to invest in a power system that’s quiet, clean, and ready whenever you need it – at home or beyond the grid.
The trusted name offers a full lineup of portable power stations to keep you charged – whether a winter storm hits or you’re enjoying outdoor adventures – and stay charged, no matter where life takes you.
Follow BLUETTI on Twitter/X here and on Facebook here.
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