Attorney fails to knock holes in Caroline Ellison’s testimony
NEW YORK — Sam Bankman-Fried’s lawyer struggled through a meandering cross-examination of the FTX founder’s former girlfriend Thursday, keeping both the judge and the public guessing as to the defense team’s strategy in countering the testimony of the government’s key witness.
Ellison spent much of her testimony walking the jury through how she repeatedly had to tap into the customer deposits at FTX to solve problems at the hedge fund or at the exchange. FTX deposits would be withdrawn to pay for new investments or political donations, or to hide steep losses on Alameda’s balance sheet, she testified. All of this was done at the direction of Bankman-Fried, she said.
Bankman-Fried’s lead defense attorney, Mark Cohen was expected to try to shift the blame for the problems at Alameda to Ellison, following up on his opening statement in the trial where he said Bankman-Fried didn’t commit fraud and instead was trying to clean up a mess largely created by his lieutenants.
At one point, Cohen apologized for referencing a wrong document. Another time he paused because he “lost my place.”
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