Sam Bankman-Fried’s “Advice of Counsel” Defense Rejected by Judge
A judge presiding over Sam Bankman-Fried’s upcoming criminal trial has ruled that Bankman-Fried and his legal team cannot blame FTX company lawyers for approving decisions he made as CEO—at least not in the opening remarks. The judge’s ruling came in response to a request by the prosecution to block an “advice of counsel” defense.
Judge Lewis Kaplan stated that allowing this defense would risk prejudicing the jury from the start. Prosecutors had argued that the defense should not be allowed unless a clear connection to the alleged wrongdoing was established. This move followed indications that Bankman-Fried may shift blame onto the Fenwick & West law firm, which advised FTX during his tenure.
An “advice of counsel” defense would assert that Bankman-Fried did not intend to break any laws, as his lawyers assured him that he was within legal bounds during FTX’s rise. However, Judge Kaplan had previously barred Bankman-Fried from accessing the necessary documents to support this defense.
Hot Take: Limited Options for Sam Bankman-Fried
With the rejection of his “advice of counsel” defense, Sam Bankman-Fried faces even more limited options for defending himself at trial. If convicted, he could face decades in prison on charges including wire fraud, money laundering, and making illegal political donations.
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