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FTX Founder Bankman-Fried’s Defense Strategy Unveiled In Letter To Judge

August 24, 2023
in Crypto Updates
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In a latest letter addressed to Decide Lewis Kaplan, legal professionals representing FTX founder Sam Bankman-Fried outlined their protection technique, emphasizing the significance of the “counsel recommendation” strategy. 

The letter, dated August 23, 2023, responded to the courtroom’s order directing the protection to handle the federal government’s request for extra disclosures associated to the proposed advice-of-counsel protection.

FTX Founder’s Authorized Group Obstructed In Acquiring Key Data?

Bankman-Fried’s authorized group firmly said that the federal government isn’t “entitled” to additional info relating to the precise particulars and scope of the proposed protection, nor the proof regarding Bankman-Fried’s reliance on counsel. 

Citing authorized precedent, the protection argued that the federal government’s request for such info exceeded its authority underneath well-known guidelines and established case regulation.

Moreover, the protection highlighted their earlier try and receive data from Fenwick & West LLP, exterior counsel for FTX and Alameda, which have been “related” to the conduct alleged within the indictment. 

The applying to compel the federal government to provide these data was denied by the courtroom, leaving the protection unable to acquire beneficial proof reflecting Fenwick’s authorized recommendation. 

Bankman-Fried’s legal professionals expressed their frustration on the authorities’s subsequent request for particular paperwork, contemplating the federal government’s position in hindering their entry to the exact same paperwork.

Regardless of the challenges, the protection intends to current proof demonstrating Bankman-Fried’s consciousness of Fenwick legal professionals and in-house counsel, together with people like Dan Friedberg, Can Solar, and Ryne Miller, who have been concerned in reviewing and approving choices associated to the issues at hand. 

The protection argued that such proof is related to establishing Bankman-Fried’s good religion and rebutting the federal government’s declare of prison intent to defraud.

Reliance On Counsel As Proof Of ‘Good Religion’

Authorized specialists cited the case of Howard v. Securities and Change Fee (SEC), the place reliance on counsel was thought of proof of “good religion” reasonably than a proper protection. 

The FTX founder protection drew parallels to this case, emphasizing the significance of Bankman-Fried’s consciousness of counsel involvement in issues associated to the costs in opposition to him.

Whereas the listing offered within the letter was not exhaustive, the protection indicated its intent to elicit related proof based mostly on the federal government’s disclosures and the proof offered at trial. 

They asserted that these extra disclosures have been ample to place the federal government on discover of the character and scope of the reliance proof they supposed to current.

Bankman-Fried’s authorized group has strategically revealed their protection technique in response to the courtroom’s order and the federal government’s request for extra disclosures. Because the trial unfolds, the courtroom will witness the protection’s efforts to emphasise Bankman-Fried’s reliance on counsel and problem the federal government’s allegations of prison intent.

FTX Founder Bankman-Fried is confronted with 12 prison counts, the costs of which will probably be divided between two separate trials. The primary trial is slated to begin in October 2023, whereas the second trial is scheduled for March 2024. 

FTX native token FTT’s 1.38% uptrend on the every day chart. Supply: FTTUSDT on TradingView.com

Featured picture from iStock, chart from TradingView.com 



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Tags: BankmanFriedsdefenseFounderFTXJudgeLetterStrategyUnveiled
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