FTX Founder Sam Bankman-Fried’s Legal Strategy Relies on Lawyers’ Advice
Sam Bankman-Fried, founder of FTX, has settled on a legal strategy for his upcoming criminal trial. He plans to argue that he was acting in “good faith” based on the advice of his lawyers at Fenwick & West. Bankman-Fried is facing multiple charges, including wire, commodities, and securities fraud.
Main Key Points:
- Bankman-Fried intends to use the “advice of counsel” defense, which is fairly common in white-collar cases.
- The strategy aims to show that Bankman-Fried acted on outside advice and negate the intent element required to prove the case against him.
- However, there are risks involved, such as the possibility of Bankman-Fried’s former lawyers being called as witnesses by the prosecution.
- The judge will also need to determine if the advice given to Bankman-Fried is covered by attorney-client privilege.
- Legal experts believe the success of the defense strategy will depend on whether Bankman-Fried consistently followed the advice he received.
Hot Take
While the “blame-the-lawyers” strategy could be effective in Bankman-Fried’s defense, it comes with risks. The involvement of his former lawyers as witnesses and the potential disclosure of attorney-client communications could impact the outcome of the case. Ultimately, the success of the defense strategy will depend on the consistency of Bankman-Fried’s actions in following the advice he received.
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