Sam Bankman-Fried’s attorneys in a letter to Judge Kaplan submit the proposed jury instructions and supporting authorities on the meaning of the Terms of Service.
Attorneys point out that FTX’s relationship with its customers was as per the Terms of Service governed by English law, which does not create trust or similar fiduciary relationships with customers. They claim fraud charges by the government are wrong.
Sam Bankman-Fried’s Attorneys Submit Jury Instructions
According to court filings, Sam Bankman-Fried’s defense team claims the U.S. DOJ’s fraud indictment against the defendant is wrong. Attorneys stressed that FTX’s Terms of Service were governed by English law, under which there was no trust relationship or similar fiduciary relationship between FTX and its customers.
“For misappropriation to have occurred, under the Government’s theory, there must have existed a trust, fiduciary relationship, or a similar relationship between FTX and its customers,” as per the jury instruction.
In addition, Sam Bankman-Fried’s defense team submitted supporting documents highlighting court cases under English law. This is the last attempt by attorneys to prove SBF’s good conduct in following the Terms of Service.
The Department of Justice had earlier contested that FTX’s Terms of Service must not solely be considered by the jury, and other misrepresentations and misleading conduct are also crucial in the case. During the witnesses’ testimonies, Sam Bankman-Fried’s internal team highlighted that he made his own rules and decisions when it came to operations at FTX and Alameda Research.
SBF’s Cross-Examined by Prosecutors
Meanwhile, prosecutors cross-examined Sam Bankman-Fried on the witness stand, taking aim at his credibility and misleading conduct. SBF remembered nothing during many questions by prosecutors regarding misappropriating customer funds, Robinhood shares, and decision-making at Alameda.
However, SBF admitted that he was shocked after finding the $8 billion loan from FTX customer deposits to Alameda. It indicated his awareness of the gravity of the situation but continued to lie about it.
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