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The criminal trial of Sam Bankman-Fried, the founder of FTX, is nearing its conclusion. On Day 15 of the trial, the defense attorney’s request for acquittal was denied, and the case will now proceed to closing arguments. Both sides have declined to call any further witnesses. Bankman-Fried has pleaded not guilty to seven fraud-related charges but is expected to face five more counts in a second trial scheduled for March 2024. The prosecution presented evidence alleging that Bankman-Fried siphoned $8 billion worth of FTX customers’ deposits to fund risky trades at his hedge fund, Alameda Research. Bankman-Fried, however, argued that this was a risk management procedure in line with company policies. Several key FTX personnel have already pled guilty and are cooperating with the government in their testimonies against Bankman-Fried. If convicted, he could face a maximum penalty of 115 years in prison. The closing arguments are scheduled for November 1.