[SBF defense lawyer: SBF ignored risk management when establishing FTX, but did not embezzle customer funds] Golden Finance reported that SBF defense lawyer Mark Cohen expounded on his defense in the fraud trial on Wednesday, portraying the 31-year-old former billionaire as a "math nerd" who ignored risk management when establishing the FTX exchange, but he did not embezzle customer funds. Mark Cohen admitted in his opening statement that FTX borrowed money from Alameda, but said that SBF graduated from MIT with a degree in physics in 2014 and had reason to believe that "these loans were allowed and backed by collateral. Cohen said that no theft occurred and Sam did not deceive anyone. Sam had no intention of deceiving anyone. Sam's behavior was sincere. As the startup company developed rapidly, some key aspects of FTX's business, such as risk management, were "ignored." Sam and his colleagues built airplanes while flying them. No one person, no CEO, can be omnipresent and omnipotent. Golden Finance Note: Today is the second day of SBF's trial, which will last until Saturday.
