The Trial of Former FTX CEO Sam Bankman-Fried
The criminal trial of Sam Bankman-Fried, the former CEO of FTX, is currently taking place in New York. Bankman-Fried’s legal team has filed motions to prevent testimony from users and investors of the exchange.
Opposition to Testimony Requests
In October, Bankman-Fried’s lawyers opposed pre-trial motions from prosecutors that requested customers and investors of FTX to testify about their understanding of how the exchange would handle their assets. They also sought to block the testimony of an unnamed Ukrainian user through a video call, citing concerns related to the Sixth Amendment.
The defense argued that decisions regarding specific testimony cannot be made without considering the individual circumstances and statements related to FTX or Bankman-Fried.
Prosecutors’ “Have It Both Ways” Approach
Bankman-Fried’s legal team accused the prosecutors of trying to have it both ways by blocking similar witnesses proposed by the defense. The defense argued that it should be up to the jury to evaluate what customers understood about how FTX would handle their funds.
In a filing, the defense stated, “[T]he Government seemingly wants evidence regarding how customers (and other putative victims) understood the relationship they chose to enter with FTX to be admissible only if offered by the Government but excluded if offered by the defense.”
Arguments Against Ukrainian Witness Testimony
The defense also argued against allowing testimony from a Ukrainian witness, stating that it could elicit sympathy and outrage from the jury due to hardships caused by the Russian invasion of Ukraine. They claimed that such circumstances and reasons for the witness’ absence from the courtroom could be prejudicial and lead jurors to speculate irrelevantly.
The defense highlighted that courts often exclude evidence that may generate sympathy among jurors unrelated to the facts of the case.
Jury Selection and Trial Details
The motions were filed just before jury selection for Bankman-Fried’s trial began in New York City. The trial is expected to last through November, and Judge Lewis Kaplan is currently questioning potential jurors about any conflicts that may prevent them from serving.
Bankman-Fried has been in jail since his bail was revoked in August. He faces two criminal trials in October 2023 and March 2024 and has pleaded not guilty to all 12 charges related to alleged fraud at FTX and Alameda Research.
Hot Take: Bankman-Fried’s Legal Battle Continues
The trial of former FTX CEO Sam Bankman-Fried is underway, with his legal team fighting against testimony from users and investors of the exchange. The defense argues that decisions on specific testimony cannot be made without considering individual circumstances. They also accuse prosecutors of wanting evidence to be admissible only when offered by the government, excluding similar witnesses proposed by the defense.
The defense further opposes allowing testimony from a Ukrainian witness, citing potential sympathy and prejudice from the jury. Jury selection is ongoing, and Bankman-Fried will face two criminal trials in October 2023 and March 2024. Despite his pleas of not guilty, he remains in jail after his bail was revoked in August.
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