{"id":452015,"date":"2023-10-27T13:32:57","date_gmt":"2023-10-27T13:32:57","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=452015"},"modified":"2023-10-27T13:32:57","modified_gmt":"2023-10-27T13:32:57","slug":"ftxs-sam-bankman-fried-tells-court-but-not-jury-that-he-acted-in-good-faith-on-legal-teams-advice","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/ftxs-sam-bankman-fried-tells-court-but-not-jury-that-he-acted-in-good-faith-on-legal-teams-advice","title":{"rendered":"FTX’s Sam Bankman-Fried Tells Court, But Not Jury, That He Acted In Good Faith On Legal Team’s Advice"},"content":{"rendered":"
FTX founder Sam Bankman-Fried (SBF) took to the witness stand yesterday in his trial for fraud and conspiracy but there was no jury as the judge mulled which parts of his testimony could be heard by jurors.<\/span><\/p>\n Bankman-Fried defended his actions in the unravelling of his crypto empire, arguing that he’d acted in good faith on the advice of his legal team. <\/span><\/p>\n The 31-year-old former crypto mogul, who has pleaded not guilty<\/span><\/a> to deceiving investors and misappropriating funds from his now-bankrupt cryptocurrency exchange, began by justifying his decisions, citing the presence of lawyers during key financial moves<\/a>. <\/span><\/p>\n He argued that legal counsel led him to believe he was acting within the bounds of the law, despite the prosecution’s claims of extravagant spending on investments, donations, and a lavish lifestyle.<\/span><\/p>\n Bankman-Fried’s lawyer, Mark Cohen, asked if he felt reassured by the way lawyers structured loans. Bankman-Fried replied that he had confidence in his legal team’s capability to prepare the necessary bank account applications. He believed they were appropriately done.<\/span><\/p>\n [SBF without jury present]SBF: I told them of an investment I wanted to make. Sometimes instead of Alameda being the investor, I would be. I was thinking about it from a business perspective. — Inner City Press (@innercitypress) October 26, 2023<\/a><\/p><\/blockquote>\nA Testimony in the Making<\/span><\/h2>\n
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Cohen: Did you take comfort in that the lawyers structured it?
SBF: Yes<\/p>\n