Just a few weeks before his trial, it has been reported that Sam Bankman-Fried, the founder and former CEO of FTX, plans to turn the tables against the defense team. SBF’s lawyers have announced that they will make a defense based on alleged attorney advice.
Using “Attorney Advice” Defense for Acquittal
This type of defense is usually used to deflect responsibility for the crimes attributed to the defendant and is highly effective. However, concrete evidence, documents, or other written communications showing how such advice was given and how much reliance was placed on it must be provided. By using this defense in this case, SBF, the former CEO of FTX, which shook the cryptocurrency exchange with its bankruptcy, will claim that he had no intention of breaking the law and only followed the advice and guidance of his lawyers, who assured him that his actions at FTX were satisfactory.
This argument could potentially weaken the testimony of a key witness who was the former in-house attorney of FTX, according to court documents. This witness is referred to as “Witness-1.” SBF’s defense based on attorney advice will also render the attorney-client privilege invalid.
Defense Remains Uncertain
As of yet, it has not been disclosed which attorneys SBF’s lawyers will refer to or mention, nor have they stated the areas in which these attorneys provided legal counsel. Due to the vagueness of this proposition, prosecutors have complained to US District Judge Lewis Kaplan, arguing that SBF’s legal defense team has not provided sufficient details on how they plan to participate in the defense.
Government attorneys have requested a court order requiring SBF’s attorney to expand their advice by August 23. If the lawyers fail to comply with this court request, federal prosecutors expect the defense tactic to be hindered during the trial.
Meanwhile, SBF is still being held in jail due to a request from the US Department of Justice (DoJ) to overturn the court’s decision to grant him $250 million bail. According to Judge Kaplan’s ruling, SBF will remain in custody until the next hearing scheduled for October.
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