Fraud requires intent, so I think SBF thinks denying intent means he didn't commit fraud. Maybe he never said "I intend to defraud investors and customers" but

Fraud requires intent, so I think SBF thinks denying intent means he didn't commit fraud. Maybe he never said "I intend to defraud investors and customers" but I think a pattern of intentional (as opposed to accidental) misuse of funds, lying, attempting to hide and cover up problems, etc. will establish intent to illegally enrich himself while knowing he was not dealing fairly and transparently with customers.