MacKenzie Sigalos is a technology reporter for CNBC with a focus on cryptocurrency and fintech.
Prosecutors in the criminal trial against FTX co-founder Sam Bankman-Fried compared one of the defense’s arguments to a scene in the 1994 film “Dumb and Dumber,” in which actor Jim Carrey says IOUs are “as good as money.” In a written brief on Thursday to Judge Lewis Kaplan, who’s presiding over the Manhattan trial, assistant U.S. attorneys for the Southern District of New York took issue with several of the jury instructions provided by the defense team.
The defense, according to prosecutors, is trying to make the claim to the jury that clients still had a credit to the funds they deposited even if the money wasn’t there because it was being used for other things. Prosecutors say the argument is “untethered to the facts of the case” and that a “credit to obtain funds at a later date, if such funds are ultimately available, is clearly not the same, or as valuable, as the money or property itself.
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