Former FTX CEO Sam Bankman-Fried’s upcoming testimony has been outlined in a letter to Choose Lewis Kaplan by his lawyer, Mark Cohen.
Within the letter submitted by Cohen to tell the court docket of the deliberate testimony throughout Bankman-Fried’s direct examination, the protection requested approval to acquire testimony concerning Bankman-Fried’s consciousness of counsel’s participation in particular issues, following the court docket’s order from Oct. 1, 2023.
FTX, FTX US and Alameda Analysis entered chapter proceedings on Nov. 11, 2022, with Bankman-Fried resigning as CEO. He was arrested within the Bahamas on Dec. 12 after the US authorities formally notified the nation of fees in opposition to him. In the meantime, FTX co-founder Gary Wang and former Alameda Analysis CEO Caroline Ellison agreed to plead responsible to the fees made in opposition to them and are cooperating with the federal government.
Bankman-Fried’s testimony would problem authorities allegations, notably regarding counsel involvement in occasions akin to auto-deletion insurance policies, creating north dimension entities, the fee agent settlement, loans from Alameda and drafting FTX phrases of service.
The protection argues that Bankman-Fried’s understanding of authorized counsel’s involvement is related to his way of thinking and good religion. Moreover, they assert that his data of trade practices is crucial to display his perception in performing according to accepted norms.
In response to the letter, Ellison’s acknowledgment of offering manipulated knowledge, former FTX chief expertise officer Gary Wang’s claims of Bankman-Fried’s involvement in enabling Alameda to “withdraw limitless funds,” and former FTX engineering director Nishad Singh’s testimony about Alameda’s “extreme” superstar endorsements purchases, underscore the importance of Bankman-Fried’s testimony concerning his intentions on Nov. 12, 2022, to counter inferences drawn from prior witness statements.
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Moreover, the letter notes that the protection plans to have Mr. Bankman-Fried testify about his honest intentions concerning his compliance with directives from Bahamian authorities. This testimony would revolve round his perception that Bahamian authorities prioritized FTX clients’ well-being and that FTX’s in-house and U.S. chapter counsel had potential conflicts of curiosity.
The US authorities is predicted to wrap up its case in opposition to Bankman-Fried on the morning of Oct. 26, with protection attorneys doubtless ending the next day. Prosecutors added they have been unsure whether or not rebuttal witnesses could be essential relying on Bankman-Fried’s testimony. Closing arguments could possibly be held earlier than Oct. 31.
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