FTX Founder's Defense Lawyer Acknowledges Trial Impediments, Guilty Verdict Ramifications Await
Summary:
Sam Bankman-Fried's defense attorney, David Mills, has acknowledged that winning the FTX founder's criminal trial was a near-impossible task from the beginning. The struggles were intensified by damaging testimonies by former colleagues and Bankman-Fried's refusal to follow legal advice. Despite using a strategy to convince the jury about Bankman-Fried's intent to rescue his company from bankruptcy, he was pronounced guilty of all seven charges, including wire and securities fraud. His sentencing will occur on March 28, 2024. In the backdrop, lawmakers are pushing for US crypto regulations due to rising fear and uncertainties.
Sam Bankman-Fried's defense attorney in his criminal trial has acknowledged the near impossibility of winning the case from the get-go. David Mills, a professor at Stanford Law School, shared in a Bloomberg interview about the hindrances he was faced with in defending Bankman-Fried, such as the reluctancy of the FTX founder to accept his advice and the damaging testimonies given by former colleagues.
Caroline Ellison had expressed the wish to resign but was concerned about a possible bank run on FTX. Mills expressed how multiple founders accusing Bankman-Fried, regardless of whether they were truthful or not, made the case extremely hard to win.
Mills advises that a helpful approach could have been to accept the claims of the witnesses and state prosecution, then prove that the intention of Bankman-Fried was to save the company from financial collapse. Despite this strategy, Mills stated that it is practically impossible to win a case where multiple statements contradict one single statement.
Bankman-Fried's viewpoint on the downfall of FTX was also part of the discussion. Mills criticized Bankman-Fried's poor skill in cross-examination as the ex-CEO of FTX failed to counteract various accusations which eventually led to his conviction on all seven charges.
Mills had agreed to aid the defense of Bankman-Fried due to a request by the latter's parents to whom Mills is reportedly close with. The case was undertaken pro bono by Mills who confessed that his friendship and passion for criminal law were the primary motivations for his participation.
Regarding the case's conclusion and Bankman-Fried's impending incarceration duration, Mills has decided not to involve himself emotionally in cases like these which are in close proximity to his personal relationships.
Bankman-Fried was found guilty of numerous charges including wire fraud, wire fraud conspiracy, securities fraud, commodities fraud conspiracy and money laundering conspiracy.
The sentencing of Bankman-Fried, 31-years-old, will be decided on March 28, 2024, by District Judge Lewis Kaplan of New York who presided over this high-profile case. Hence, the final duration of the sentence lies in the hands of Kaplan, while the government prosecutors will make their recommendations.
Amidst this, fear and uncertainty among lawmakers are fueling proposals for crypto regulations in the US.
Published At
12/12/2023 3:08:56 PM
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