Former FTX CEO Sam Bankman-Fried’s defense attorneys have submitted another letter to Judge Lewis Kaplan, requesting modifications to the jury instructions in the ongoing trial. The attorneys argue that the jury should take into account the role of English law in governing FTX’s terms of service. They propose that for misappropriation to have occurred, there must have been a trust, fiduciary relationship, or similar relationship between FTX and its customers. However, FTX’s terms of service explicitly state that no such relationship exists. The defense attorneys state in their proposal, “Under English law, the Terms of Service do not create a trust relationship or similar fiduciary relationship between FTX and its customers. Nor, under English law, do any representations made after a customer agreed to the Terms of Service create a trust relationship or similar fiduciary relationship.” They further emphasize that even if a customer subjectively expected or believed such a relationship existed, it does not create one. In support of their argument, the defense team cites various cases from the United Kingdom.
Bankman-Fried’s attorneys have made multiple requests to the judge throughout the trial, including appeals for early bail due to inadequate amenities for preparation. However, most of these requests have been denied. The former FTX CEO is currently facing charges of fraud and misappropriation of customer funds for personal expenses. Throughout the trial, Bankman-Fried has maintained his innocence, denying any misuse of funds or defrauding of customers. He has also faced accusations of witness tampering.
The trial is ongoing, and the defense continues to present its case.
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