Sam Bankman- Fried will testify in his defense, which may be a risk for his life
Richman and his ex-girlfriend have nothing but bad things to share: exposing the most boring man in America, accused of fraud, and lying to the public
The defense may ask Bankman-Fried to explain the behaviors outlined in his former colleagues’ testimony, or it may bring up questions about his intentions and state of mind. Richman says he will have to present himself as the most boring man in America.
For a former Wall Street trader who embraced risk, it’s a big bet. Bankman-Fried could spend the rest of his life in prison if he’s convicted of seven criminal counts.
Instead, he has argued from the get-go he was in over his head, and that some of his trusted lieutenants — several of whom testified against him — failed to do their jobs properly.
Prosecutors also argue the former FTX CEO used the money to enrich himself. Jurors saw pictures of Bankman-Fried’s $35-million penthouse apartment in The Bahamas, and they heard about other pricey real estate he bought for his friends and family.
The government has had witnesses who made their case. She was Alameda Research’s CEO and Bankman-Fried’s on-again, off-again girlfriend.
She remembered Bankman-Fried saying he’d be willing to lose $10 million if a coin came up tails, and that he could win more than $10 million.
Ellison recalled another moment, when Bankman-Fried played out a more extreme hypothetical:If the fate of the world hinged on a coin flip, with tails meaning the world would be “destroyed,” Bankman-Fried would be willing to take the chance if “as long as if it came up heads, the world would be like more than twice as good,” Ellison said.
An Interview with Helou: White-Collar Defense Attorneys and a Hot Topic in New York’s Bar-Bounds
Most white-collar defense attorneys strongly advise their clients not to take the stand. Even though Bankman-Fried may not understand how difficult that can be, they would face cross-examination.
Business executives often think they are the smartest people in the room, according to Helou. This is not the room that he’s used to.
The prosecutors in the United States Attorney’s Office for the Southern District of New York have a good reputation, and many say they are among the best in the country.
Bankman-Fried regularly talked to reporters during FTX’s heyday, and after it imploded in November, he sat down for TV interviews. He couldn’t keep him quiet even after his arrest.
Bankman- Fried, who was released on a $250 million bail, invited the reporters to his parents’ home in Northern California, where he was under house arrest and continued to meet with the author Michael Lewis, who published a book about him.
Prosecutors says he had more than 1,000 phone calls with reporters. Bankman-Fried also posted on social media and even started his own e-mail newsletter.
Judge Lewis Kaplan, who’s presiding over the trial, had enough after he was found to have covertly shared Ellison’s private writings with a reporter for the New York Times.
