Things really must not be going according to plan for Sam Bankman-Fried's defense team, because it was reported yesterday that the former FTX founder is likely going to wind up taking the stand in his own defense.
The FTX founder is likely the last chance the defense has to make a meaningful impact about what his actions were in the lead up to the company's collapse. The court has already heard damning testimony from SBF's closest confidants and co-workers, including Alameda Research head and former love interest Caroline Ellison, who have all turned on the founder.
His former co-workers described him as "the mastermind of a years-long scheme to defraud FTX customers and investors", Bloomberg wrote on Wednesday night.
On a teleconference with the court, legal counsel for Bankman-Fried indicated that he is slated to testify in his own fraud trial once the prosecution concludes its arguments. Subject to any unforeseen shifts, the 31-year-old could take the stand as early as today. We sure hope there's enough adderall in the courtroom to keep SBF lucid...
Generally when the accused wind up taking the stand in their own defense, it can be seen as a last minute "hail mary" by the defense. And recall, just days ago we published this take from The Epoch Times explaining why the trial doesn't seem to be going SBF's way so far.
The paper wrote that the trial "...has thus far strongly supported the prosecution’s charges of securities fraud, analysts say; meanwhile, any questions regarding his massive political donations have been put off for another day."
Since its start on Oct. 3, the trial has featured compelling testimony from former colleagues FTX co-founder Gary Wang and Alameda CEO Caroline Ellison, both of whom pointed the finger at Mr. Bankman-Fried—also known by his initials, SBF—as the ringmaster of one of the largest financial frauds in U.S. history. The defense has struggled to make its case, although Mr. Bankman-Fried’s attorneys may still have cards to play, The Epoch Times wrote.
“As of now, it’s not going well for the defense,” Braden Perry, a former federal enforcement attorney who's currently a partner at Kennyhertz Perry, told The Epoch Times. “Both Ellison and Wang have testified that SBF directed them to commit the crimes.”
Regardless, we're assuming the coverage will not be televised...
How much is the pay per view of SBF's cross examination i) on meth and ii) without meth— zerohedge (@zerohedge) October 26, 2023