Sam Bankman-Fried to Take the Stand in High-Stakes Trial Against FTX
Sam Bankman-Fried is gearing up to take the witness stand and share his testimony in the ongoing legal proceedings, according to reports from his legal team during a recent teleconference with Judge Lewis Kaplan and the prosecution.
Thursday is expected to be a significant day in court, with Bankman-Fried’s direct testimony slated to dominate the proceedings. On the other hand, the government has signaled its intention to wrap up its case Thursday morning, following the testimony of a final witness, an FBI agent.
Notably, both sides have concurred that the FBI agent’s time on the stand will be relatively brief, estimated to last less than an hour.
The defense team has outlined its plan, suggesting that if all goes smoothly, cross-examination of Bankman-Fried could commence on Friday. This part of the legal battle is anticipated to be comprehensive, and based on the content of Bankman-Fried’s testimony, prosecutors may opt to present a rebuttal case once the defense concludes.
The government acknowledged the defense’s list of potential witnesses in a legal motion filed just the day before. During Wednesday’s discussion, lead defense attorney Mark Cohen informed Judge Kaplan that they intend to call three of these witnesses before presenting their client.
Before the teleconference, Bankman-Fried’s legal representatives had filed requests for the testimony of two FBI agents, citing perceived inconsistencies in the statements made by Nishad Singh, the former head of engineering, and Gary Wang, the co-founder of FTX.
In early October, a conversation with white-collar defense attorney Jack Sharman indicated the possibility of Bankman-Fried testifying. “This defendant comes across as a highly communicative individual, exuding confidence and intelligence,” Sharman noted. “He might believe that taking the witness stand is his best shot at sowing doubt in the minds of the jurors.”
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Nonetheless, Sharman issued a word of caution, highlighting the substantial risks that come with white-collar defendants taking the stand, a scenario many lawyers aim to avoid.
It’s important to note that Bankman-Fried’s trial commenced in early October, and it revolves around the former FTX CEO facing seven federal charges related to fraud and conspiracy. The prosecution’s progress has surpassed initial expectations, with plans to wrap up a day ahead of schedule.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
