{"id":2247,"date":"2023-10-17T06:37:57","date_gmt":"2023-10-17T06:37:57","guid":{"rendered":"https:\/\/infundpros.com\/business\/sam-bankman-fried-may-need-a-hail-mary-if-he-wants-to-win-over-jurors\/"},"modified":"2023-10-17T06:37:58","modified_gmt":"2023-10-17T06:37:58","slug":"sam-bankman-fried-may-need-a-hail-mary-if-he-wants-to-win-over-jurors","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=2247","title":{"rendered":"Sam Bankman-Fried may need a Hail Mary if he wants to win over jurors"},"content":{"rendered":"
\n

\n A version of this story appeared in CNN Business\u2019 Nightcap newsletter. To get it in your inbox, sign up for free, <\/em>here<\/em>.\n<\/p>\n<\/p>\n

\n As Sam Bankman-Fried\u2019s fraud trial enters its third week in Manhattan federal court, one of the biggest questions is whether he will take the stand to testify on his own behalf \u2014 a Hail Mary that legal experts say may be his best shot at mounting a defense.\n <\/p>\n

\n On Monday, jurors heard from yet another member of Bankman-Fried\u2019s former inner circle, Nishad Singh, who, like several witnesses before him, testified as part of a plea deal that he committed various financial crimes at Bankman-Fried\u2019s direction. \u00a0\n <\/p>\n

\n Bankman-Fried, 31, has pleaded not guilty to seven federal counts that could land him in prison for the rest of his life if he were to be convicted and given the maximum punishment.\u00a0\n <\/p>\n

\n The one-time crypto mogul is accused of stealing billions of dollars in deposits from customers of his FTX crypto exchange and diverting those funds to buy luxury real estate, make campaign donations and backstop losses at his other firm, a crypto trading house called Alameda Research.\u00a0\n <\/p>\n

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\n <\/source><\/source><\/source><\/picture>\n <\/div>\n<\/div>\n

\n While defense attorneys wouldn\u2019t 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.\u00a0\n <\/p>\n

\n In a case where the prosecution\u2019s evidence has been strong, a defendant taking the stand is a high-risk move that can \u201cabsolutely change the dynamic of a trial,\u201d said Jordan Estes, a former federal prosecutor with the US Attorney\u2019s Office who is now a partner at Kramer Levin in New York.\n <\/p>\n

\n Whether or not to testify is case-dependent, and clients take a big risk in opening themselves up to cross-examination by prosecutors. But if the defense feels it hasn\u2019t fully gotten its side of the story out, having Bankman-Fried take the stand may be one of the their only avenues left, Estes said.\u00a0\n <\/p>\n

\n Of course, Bankman-Fried\u2019s attorneys aren\u2019t commenting publicly about their plans. (If he does testify, we likely won\u2019t know until a moment before it happens.) But given how damning the testimony has been so far \u2014 and taking into account Bankman-Fried\u2019s past inability to keep his mouth shut while under investigation \u2014 there is at least a decent chance he goes for the Hail Mary.\u00a0\n <\/p>\n

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\n \"Sam<\/source><\/source><\/source><\/picture>\n <\/div>\n<\/div>\n

\n In the lead-up to deciding whether he should testify, Bankman-Fried\u2019s lawyers are concerned that he cannot \u201cmeaningfully participate\u201d in his defense without his full dose of Adderall to treat ADHD and depression.\u00a0\n <\/p>\n

\n The prescription medicine supply has been a recurring headache for the defense. Lead attorney Mark Cohen wrote in a letter to the judge Sunday night that his client \u201chas been doing his best to remain focused during the trial,\u201d despite not receiving his full dose of the medication.\n <\/p>\n

\n In short: SBF is supposed to get four doses of Adderall each day, but he can only get it from the Metropolitan Detention Center, where he\u2019s being held. So he\u2019s only getting one in the morning before he\u2019s transferred to the courthouse and one in the evening.\u00a0\n <\/p>\n

\n Cohen said the Bureau of Prisons, which oversees the jail, hasn\u2019t responded to multiple emails and voice messages to try to resolve the issue.\n <\/p>\n

\n \u201cAs we approach the defense case and the critical decision of whether Mr. Bankman-Fried will testify, the defense has a growing concern that because of Mr. Bankman-Fried\u2019s lack of access to Adderall he\u2026will not be able to meaningfully participate in the presentation of the defense case,\u201d Cohen wrote.\n <\/p>\n

\n At minimum, documenting the Adderall issue could help lay the groundwork for any future appeal. Under that scenario, the defense could point to conditions at the jail \u2014 limited access to technology, an unsteady supply of prescription medications and, at least initially, a diet of bread, water and peanut butter to accommodate Bankman-Fried\u2019s vegan diet <\/strong>\u2014 as an issue that prevented them from mounting a thorough defense.\u00a0\n <\/p>\n

\n After all, it has not been an easy road for Cohen and his co-counsel. While they have not yet presented their case, Bankman-Fried\u2019s lawyers have repeatedly failed to stick the landing when it comes to cross-examining the government\u2019s witnesses. Last week, Cohen\u2019s questioning of Caroline Ellison, prosecutors\u2019 most damning witness so far, was particularly scattershot and prompted near-constant objections from prosecutors that the judge largely sustained.\n <\/p>\n

\n Enjoying Nightcap? <\/em>Sign up<\/em> and you\u2019ll get all of this, plus some other funny stuff we liked on the internet, in your inbox every night. (OK, most nights \u2014 we believe in a four-day work week around here.)<\/em>\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A version of this story appeared in CNN Business\u2019 Nightcap newsletter. To get it in your inbox, sign up for free, here….<\/p>\n","protected":false},"author":1,"featured_media":2248,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-2247","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nSam Bankman-Fried may need a Hail Mary if he wants to win over jurors | inFundPros<\/title>\n<meta name=\"description\" content=\"A version of this story appeared in CNN Business\u2019 Nightcap newsletter. To get it in your inbox, sign up for free, here. 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