Lawyers representing Sam Bankman-Fried in his FTX fraud trial have disclosed details of his planned testimony if he chooses to take the stand. In a six-page letter to Judge Lewis Kaplan, Bankman-Fried’s legal team outlined three main areas that he would address during his testimony. This includes his reliance on FTX’s former legal team, his understanding of common industry practices, and his intention to cooperate with Bahamian authorities. Bankman-Fried, who is facing seven criminal counts, including wire fraud and money laundering, could potentially face over 100 years in prison if convicted. His lawyers also suggested that Bankman-Fried may decide not to testify if their requests are denied. They argued that Bankman-Fried’s understanding of industry practices and the involvement of counsel is directly relevant to his state of mind and good faith. They provided examples where Bankman-Fried followed the advice of FTX lawyers in adopting certain policies that the prosecution claims show his criminal intent. The defense maintains that Bankman-Fried acted in good faith and did not have any criminal intent. Bankman-Fried’s understanding of commonly accepted industry practices, such as the use of omnibus wallets, may also play a significant role in his testimony. The defense argues that his knowledge of these practices is relevant to his belief that his actions were permissible. The prosecution has previously raised concerns about FTX’s use of omnibus wallets and the commingling of customer and company assets. Bankman-Fried’s legal team asserts that his understanding of industry practices will demonstrate his good faith belief that FTX’s actions were proper.
Inside FTX Fraud Trial: Unveiling Sam Bankman-Fried’s Planned Testimony by His Legal Team
