The controversial case of US v. Sam Bankman-Fried has recently seen the defendant facing the seven criminal charges against his name taking the stand, testifying to a juryless court. With Bankman-Fried citing his testimony only to the judge and spectators, US District Judge Lewis Kaplan will then decide whether his testimony would be admissible and be reiterated when the jurors are present.
Amidst the statements from the disgraced CEO, it was found that SBF did not fully read the Terms of Service on his crypto exchange company, FTX.
Sam Bankman-Fried Testified in Court Without the Jury
The Wall Street Journal gave live updates from the recent court session of Sam Bankman-Fried's criminal trial, and here, it was revealed that SBF was finally allowed to take the stand and testify for himself. It was said that Bankman-Fried saw a hard time in delivering his initial testimony today, with Judge Kaplan instructing him to stop being evasive amidst Assistant US Attorney Danielle Sassoon's questioning.
It was reported that Kaplan issued an order that prohibits Bankman-Fried from using the "advice-of-counsel" defense, and this centers on claiming that he only received advice from company lawyers, was told that it was legal, and relied on it "in good faith."
Still, there were various statements that SBF used this, as Kaplan allowed this "on a case-by-case" basis," said the report.
Read also: FTX's Nishad Singh Testifies: Details the One-on-One Meetings with SBF Amidst Company's Fall
SBF 'Skimmed' FTX's Terms of Service, He Claims
Bankman-Fried claimed that he believed Alameda could borrow funds from FTX, as stated in the FTX's Terms of Service, but when asked by the judge whether he read the entire document, he claimed that he "skimmed" some parts. There are some parts where SBF claimed that he read "in-depth," but the other parts, are only partial.
It is known that customers are recommended to always read the full terms of service, but in SBF's case, not all of it.
The Sam Bankman-Fried Trial
The ongoing court trial of Sam Bankman-Fried will decide whether the criminal charges against him are true, with the former CEO facing as much as 110 years in prison for the seven charges. However, that is not yet the end of it, as another criminal trial would commence to hear his case by March 2024, and in this proceeding, Sam Bankman-Fried is set to face five additional charges against his name.
SBF's trial is a controversial one, especially as he is the only FTX and Alameda executive who claimed that he is not guilty of the charges brought against him. With that, the other disgraced executives including Gary Wang, his former colleague and best friend, and Caroline Ellison, former Alameda CEO and ex-girlfriend, have testified against him in the past weeks.
After different former colleagues and close friends showed up in court, divulging all the unknown information against Sam Bankman-Fried, now came the time when the defendant was taking the stand, but first without any jurors. While it remains unknown if Bankman-Fried will get to say all of his sides in front of a jury, massive revelations were made, including his not reading fully his former company's Terms of Service.
