SBF Plans to Blame His Lawyers in Criminal Defense: Report

Godfrey Benjamin
August 22, 2023
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With the trial of Sam Bankman-Fried (SBF) only a few weeks away, the 31-year-old billionaire plans to turn the table on his defense team according to a report from . On Thursday, Bankman-Fried’s lawyers hinted at the fact that they would be pursuing a so-called advice-of-counsel defense.

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Advise of Counsel Push to Exonerate SBF

This kind of defense is usually effective for deflecting the responsibility of the defendant for the crimes charged. Although, it has to be backed up with concrete evidence, memos or other forms of written communication that truly demonstrate that such advice was given as well as how much it was relied upon.

If adopted in this case, this would allow the former Chief Executive Officer (CEO) of now-bankrupt cryptocurrency exchange FTX to argue that he had no intentions to break the law and was only following the advice and guidance of his lawyers who assured him that his actions at FTX were satisfactory. 

Consequently, his argument could weaken the testimony of one of the prosecutor’s key witnesses who was the former in-house lawyer for FTX. According to court papers, this witness is tagged “Witness-1.” The advice-of-counsel defense would also nullify the attorney-client privacy privilege. 

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SBF’s Defense Remains Vague

Noteworthy, the billionaire’s counsel is yet to disclose which lawyers he is currently referring to or plans to mention and neither have they declared what areas of the case the said lawyers provided the legal advice to. 

Due to the vagueness of this proposition, prosecutors lodged a complaint with United States District Judge Lewis Kaplan citing that Bankman-Fried’s legal defense team has failed to provide sufficient details of how they intend to engage the defense.

There is a request for a court order from the government lawyers requesting that SBF’s counsel expands on its advice-of-counsel by August 23rd. On the other hand, if his lawyers fail to comply, the federal prosecutors expect that the defense tactic be precluded at trial.

Meanwhile, Bankman-Fried is still held up in jail following the request of the U.S. Department of Justice (DoJ) that forced the court to revoke his $250 million bail bond. According to Judge Kaplan’s ruling, he will remain in prison until the next hearing in October.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.