Crypto-currency mogul Sam Bankman-Fried built his FTX business into a "pyramid of deceit", a court was told as his fraud trial draws to a close.
Prosecutors told the jury in his trial that the businessman stole eight billion dollars from thousands of customers in one of the biggest frauds in US history.
"This was a pyramid of deceit built by the defendant on a foundation of lies and false promises, all to get money," prosecutor Nicolas Roos told the jury. "Eventually it collapsed, leaving thousands of victims in its wake."
A lawyer for Bankman-Fried will give his closing argument once Roos finishes his.
The trial looks set to end around a year after FTX filed for bankruptcy in a swift corporate meltdown that shocked financial markets and wiped out what had been his estimated $26 billion fortune.
Bankman-Fried, who pleaded not guilty to two counts of fraud and five counts of conspiracy, testified in his defence over three days to convince the 12 jurors of his innocence.
They also heard from three of Bankman-Fried's former close confidantes, testifying for the prosecution after entering guilty pleas, who said he directed them to commit financial crimes, including helping his crypto-focused Alameda Research hedge fund siphon FTX customer deposits and lying to lenders and investors about the finances of the two companies.
Roos told jurors there is no question that billions of dollars of customer money were used to pay off Alameda's lenders, make speculative investments and donate to U.S. political candidates.
"He took the money," Roos told the jurors. "He knew it was wrong. He did it anyway, because he thought ... he could walk his way out of it and talk his way out of it. And today, with you, that ends."
Under questioning from his lawyer Mark Cohen, Bankman-Fried portrayed himself as a busy CEO who left operational nuts and bolts to subordinates. He also maintained that while he made mistakes that harmed customers and employees, he never defrauded anyone or stole money.
Bankman-Fried could face decades in prison if convicted. .
