Unveiling Sam Bankman-Fried's Last-Ditch Strategy to Woo Jurors
Will Sam Bankman-Fried take the stand in his fraud trial to testify in his defense? Legal experts believe it could be a high-risk move, but also his best shot at winning the case The use of Adderall is another key issue that may impact the trial's outcome
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As Sam Bankman-Fried's fraud trial progresses into its third week at the federal court in Manhattan, a significant question arises - will he choose to testify in his own defense? Legal experts consider this a desperate move, which might be his strongest chance at mounting a defense.
During Monday's trial, jurors listened to Nishad Singh, another individual previously associated with Bankman-Fried, who, similar to previous witnesses, confessed to committing several financial offenses under Bankman-Fried's instruction. Bankman-Fried, 31, denies all charges and has pleaded not guilty to seven federal charges, which, if proven, could result in a life sentence.
The alleged actions of the former cryptocurrency tycoon include embezzling vast sums of money from FTX crypto exchange customers, with the intention of utilizing these funds to purchase opulent properties, contribute to political campaigns, and cover losses incurred by his other company, Alameda Research.
Nishad Singh, former director of engineering at FTX, arrives at federal court in New York on Monday.
Yuki Iwamura/Bloomberg/Getty Images
While defense attorneys wouldnt typically advise clients in white-collar crime trials to take the stand, the SBF trial may prove (in so many ways) to be an outlier.Â
A risky move?
Jordan Estes, a former federal prosecutor with the US Attorneys Office who is now a partner at Kramer Levin in New York, stated that if the prosecutions evidence is strong, a defendant testifying can significantly impact the trial. Clients may decide to take the risk of cross-examination by prosecutors in order to present their side of the story. Estes mentioned that having Bankman-Fried testify might be the only remaining option for the defense if they feel that they haven't adequately presented their case.
The Adderall issue
Given the current situation where Bankman-Fried's attorneys are refraining from making any public statements regarding their plans, it is uncertain when and if he will testify. However, considering the highly incriminating nature of the testimonies thus far and Bankman-Fried's track record of being unable to remain silent during investigations, there is a reasonable possibility that he may opt for a bold and risky move, also known as a "Hail Mary" strategy.
Sam Bankman-Fried, center, has pleaded not guilty to seven federal counts of fraud and conspiracy.
Elizabeth Williams/AP
As Bankman-Fried's lawyers contemplate his decision to testify, they express apprehension about his ability to fully engage in his defense due to the absence of his prescribed dosage of Adderall, which he relies on to manage his ADHD and depression.
The defense has been facing ongoing issues with the availability of prescription medicine. Mark Cohen, the lead attorney, expressed in a letter to the judge that his client has been striving to stay concentrated during the trial, even though he has not been receiving his complete dosage of medication.
To summarize, SBF should be receiving four doses of Adderall daily, but due to his confinement at the Metropolitan Detention Center, he can only obtain one dose in the morning before being transferred to the courthouse and another in the evening.
Cohen said the Bureau of Prisons, which oversees the jail, hasnt responded to multiple emails and voice messages to try to resolve the issue.
Caroline Ellison, the former CEO of Alameda Research LLC, leaves a courthouse in New York City on Thursday, October 12, 2023. In her testimony to a New York jury on Wednesday, Ellison, who was previously in a relationship with FTX co-founder Sam Bankman-Fried, explained their collaboration in deceiving lenders and customers to establish his highly successful cryptocurrency empire worth billions of dollars. She also detailed their unsuccessful efforts to prevent its ultimate downfall.
Cohen expressed growing concern regarding Mr. Bankman-Fried's ability to effectively contribute to the defense case due to his limited access to Adderall. With the defense approaching and the crucial decision of Mr. Bankman-Fried's testimony, secret audio recordings, a prominent witness, and mention of "Thai prostitutes" further complicate matters.
Documenting the Adderall issue could serve as a foundation for any future appeal. In this scenario, the defense could argue that the limited access to technology, inconsistent supply of prescription medications, and the initial provision of bread, water, and peanut butter to accommodate Bankman-Frieds vegan diet hindered their ability to mount a thorough defense.
Cohen and his co-counsel have faced numerous challenges throughout the process. Although they have not yet presented their case, Bankman-Frieds lawyers have struggled with effectively cross-examining the government's witnesses. Last week, Cohen's questioning of Caroline Ellison, the prosecution's most damaging witness to date, was unfocused and led to frequent objections from prosecutors, which the judge mostly upheld.
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