FTX Ex-CEO's Defense Pleads for English Law in Jury Instructions Amid Fraud Charges
Summary:
Former FTX CEO Sam Bankman-Fried's attorneys have issued another request to the presiding judge for changes to the jury instructions. They want English law to be considered in enforcing FTX's terms of service. They argue that to establish misappropriation, a trust or equivalent fiduciary relationship is crucial but FTX's terms of service don't create such a relationship. The lawyers have cited numerous UK cases in a final plea for a non-guilty verdict. Bankman-Fried, currently facing multiple fraud charges and accusations of misusing customer funds, has denied these allegations.
Lawyers representing ex-FTX CEO Sam Bankman-Fried have penned yet another appeal to the presiding judge, striving for alterations to the jury instructions. The legal team's note to Judge Kaplan argued for the application of English law in determining the interpretation of FTX’s terms of service. The proposition insists that the 12 jury members should take into account that to prove misappropriation, a trust or fiduciary relationship, or something equivalent, must have been in place between FTX and its consumers. Nonetheless, the company's terms of service starkly state that such a relationship did not exist.
The legal counsel's proposal outlined: "Based on English law, the Terms of Service do not establish a trust or similar fiduciary connection between FTX and its consumers, nor, can any affirmations made post-agreement to the Terms of Service establish such a relationship." They further stated: "Merely having a subjective expectation, understanding, or belief that a trust or a similar fiduciary relationship was in place, does not result in the creation of one."
The defense has invoked numerous instances from UK court history in a final plea to acquire a non-guilty verdict for Bankman-Fried. Throughout the legal proceedings, these attorneys have repeatedly applied for modifications, such as repeated early bail appeals due to insufficient facilities required for trial preparation. Regrettably, the majority of these appeals have previously been rejected.
The former head of FTX is presently confronted with various fraud charges and allegations of misusing customer funds for personal expenses. Throughout his trial, Bankman-Fried has refuted claims of fund misappropriation and insisted that he has not deceived his customers. In previous instances, he has been accused of manipulating witnesses as well. The trial is ongoing.
Published At
10/31/2023 11:22:28 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.