Lawyers for FTX founder Sam Bankman-Fried recently wrote a letter to Judge Lewis Kaplan outlining their defense plan and praising the value of the "counsel advice" tactic.
This letter, dated August 23, 2023, was sent as a response to the court's decision, which directed the defense to answer the government's request for more disclosures about the proposed advice-of-counsel defense.
DOES THE LEGAL TEAM REPRESENTING FTX CO-FOUNDER HAVE TROUBLE ACCESSING VITAL DOCUMENTS?
The legal team representing Bankman-Fried has indicated unequivocally that the government is not "entitled" to any additional information regarding the particulars and extent of the proposed defense nor the facts about Bankman-Fried's reliance on counsel.
Defense attorneys contended that the government's request for this material was beyond the scope of the government's authority based on prior cases and other precedents.
The defense also pointed out their prior efforts to obtain "relevant" data from Fenwick & West LLP, the outside counsel for FTX and Alameda.
The defense could not get crucial evidence reflecting Fenwick's legal guidance because the court dismissed their plea to compel the government to provide these records.
The solicitors representing Bankman-Fried expressed their exasperation at the government's later request for particular documents, especially when considering the government's role in obstructing their access to the records.
Even though it will be hard, the defense wants to show that Bankman-Fried knew about Fenwick lawyers and in-house counsel like Dan Friedberg, Can Sun, and Ryne Miller, who reviewed and passed decisions about the issues.
The defense contended that such evidence is relevant to showing Bankman-Fried's good faith and rebutting the government's assertion of criminal intent to defraud. The government argued that Bankman-Fried had committed a crime with the purpose of defrauding.
THE USE OF COUNSEL AS EVIDENCE OF 'GOOD FAITH
The reliance on counsel was considered evidence of "good faith" rather than a formal defense in the case Howard v. Securities and Exchange Commission (SEC), cited by legal authorities.
The defense for the founder of FTX drew parallels to this case to show how important it was for Bankman-Fried to know that his lawyer was involved in issues related to the charges against him.
Even though the list in the letter did not contain all possible evidence, the defense clarified that it intended to collect further evidence comparable to that given at trial.
Due to these supplementary disclosures, they claimed the government was given adequate notice of the type and scope of the reliance evidence they planned to offer.
Bankman-Fried's lawyers have laid out their defense strategy before a court order and the government's request for more information. As the trial goes on, the defense will likely focus on how much Bankman-Fried relied on her lawyer and refute the prosecution's claims of criminal purpose.
Bankman-Fried, the founder of FTX, is being accused of committing 12 separate crimes, and the proceedings around these allegations will take place in two consecutive trials. The opening statement in the first trial is set to take place in October 2023, and the opening statement in the second trial is scheduled for March 2024.
Reviewed by cryptopotato
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August 24, 2023
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