Lawyers for Sam Bankman-Fried late Wednesday revealed details of the testimony he plans to give if he takes the stand in the FTX fraud case.
What Will Sam Bankman-Fried Say in the Case He Is Defendant in?
In a six-page letter to Judge Lewis Kaplan, Bankman-Fried's legal team argues three main areas, including arguing that FTX relied on its former legal team to authorize certain actions that later led to the cryptocurrency exchange's implosion and bankruptcy. He said he would mention it.
Lawyers for the bankrupt FTX chairman said he will also tout his understanding of common practices in the industry and his intention to comply with Bahamian authorities.
Bankman-Fried faces seven charges including fraud, securities fraud and money laundering that could land him in prison for more than 100 years if convicted at his trial in Manhattan federal court.
Bankman-Fried, the son of two Stanford law academics, has pleaded not guilty in the case.
The letter to Kaplan appears to cast doubt on whether the disgraced crypto billionaire will take the witness stand.
Earlier Wednesday, Mark Cohen, one of Bankman-Fried's two lead trial attorneys, said in a conference call that his client would testify, as would the other three people.
But “Accordingly, if Mr. Bankman-Fried decides to testify in his defense, he should be allowed to testify that he understands industry practices regarding the use of multi-purpose wallets to demonstrate good faith and the absence of criminal intent,” Cohen wrote in a letter Wednesday evening.
The statement indicates that Bankman-Fried may refrain from testifying if the defense's demands are rejected.
*This is not investment advice.