SBF's Legal Team Seeks to Establish Good Faith Defense Based on Previous Counsel's Advice
Summary:
Lawyers representing Sam Bankman-Fried plan to present evidence that he acted in good faith based on legal advice from previous counsel in his criminal case. The defense argues that Bankman-Fried relied on advice from law firm Fenwick & West, which previously represented cryptocurrency exchange FTX, regarding various matters, including data retention policies and agreements. Bankman-Fried is facing charges related to alleged misappropriation of user funds. He has pleaded not guilty, and his trial is scheduled to begin in October 2023.
Lawyers representing Sam Bankman-Fried, known as SBF, in his criminal case in the US, have outlined their plan to present evidence that he acted "in good faith" based on advice from previous counsel regarding his alleged actions at FTX and Alameda Research. The legal team stated in a filing to the US District Court that the law firm Fenwick & West, which previously represented FTX, had provided legal advice to the firm, which Bankman-Fried was aware of. This advice covered areas such as data retention policies, customer agreements, terms of services, and agreements between FTX and Alameda. The defense aims to show that Bankman-Fried relied on the advice of Fenwick & West and FTX's in-house counsel, including Dan Friedberg, Can Sun, Ryne Miller, among others, to believe he was acting in good faith. The defense argues that evidence of Bankman-Fried's reliance on counsel is relevant to determining his intent. Bankman-Fried is facing charges related to the alleged misuse of user funds for investments, personal expenses, and political donations. He has pleaded not guilty to all charges and is set to face two trials starting in October 2023 and March 2024. In August, his bail was revoked over allegations of witness intimidation, and he is currently held at the Metropolitan Detention Center in Brooklyn.
Published At
8/23/2023 4:00:00 PM
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