Former FTX CEO Sam “SBF” Bankman-Fried has confirmed that he will testify as part of his defense in his ongoing criminal fraud case, as stated by his attorney, Mark Cohen.
This decision follows discussions during an October 25th telephone conference involving SBF’s legal team, prosecutors, and Judge Lewis Kaplan. After the prosecution completes its case on October 26th, the defense intends to call three witnesses, including Bankman-Fried, to the stand.
Judge Kaplan agreed to expedite the proceedings, allowing the case to transition directly from the prosecution’s final witness to the defense’s presentation on October 26. The defense anticipates that it will take no more than three days to question the three potential witnesses. These witnesses include an attorney based in the Bahamas, Joseph Pimbley from the litigation consulting firm PF2 Securities, and an individual who will testify about the titles and responsibilities of former FTX employees. Judge Kaplan estimated that SBF’s testimony might take around an hour.
The United States government is expected to conclude its case against SBF on the morning of October 26, with the defense likely to wrap up the following day. Prosecutors have expressed uncertainty about the need for rebuttal witnesses, depending on Bankman-Fried’s testimony. Closing arguments are expected to take place before October 31.
During the proceedings, Judge Kaplan raised the possibility of a special verdict, a situation where the jury provides findings on factual issues without specifying which party should prevail. Assistant U.S. Attorney Nicolas Roos highlighted that the government’s case centers on a single substantive wire fraud count related to customers. The prosecution’s theory suggests that SBF made false representations while being in a trust relationship with depositors, ultimately taking their money. Roos emphasized that these false representations played a significant role in fostering trust and confidence among the victims of the alleged crime.
Bankman-Fried’s testimony, if delivered, would follow statements from former FTX and Alameda executives, such as Caroline Ellison, Gary Wang, and Nishad Singh. These individuals admitted to committing various crimes, often under the direction of SBF. The criminal case revolves around allegations that SBF was responsible for Alameda’s use of FTX funds from customers without their knowledge.
The trial had been on hiatus since October 19th but is slated to resume on October 26th.
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