The defense team representing Sam Bankman-Fried, the former CEO of FTX, has submitted another letter to the trial judge, requesting modifications to the jury instructions. In their letter addressed to Judge Lewis Kaplan, the defense lawyers are seeking to have the jury consider the role of English law in governing FTX's terms of service.
The motion put forth calls upon the 12 jurors to contemplate that a trust, fiduciary relationship, or a similar connection must be established between FTX and its clients in cases involving misappropriation. However, FTX's terms of service explicitly state that no such relationship exists between the parties.
The defense team's proposal reads: "The Terms of Service do not establish a trust or similar fiduciary relationship between FTX and its clients under English law. Nor do any representations made by a client after accepting the Terms of Service create such a trust or fiduciary relationship under English law."
They further clarified that the subjective expectation, understanding, or belief of an individual that a trust, fiduciary, or similar relationship exists would not establish such a connection.
To support their argument for a not guilty verdict, the defense cited several examples from past cases in the UK. Throughout the case, Bankman-Fried's legal team has made multiple requests to the judge, including pleas for early bail before the trial, citing inadequate preparation facilities. Most of these requests, however, have been denied.
Currently, the former CEO of FTX is facing multiple charges related to fraud and the misappropriation of client funds for personal expenses. Throughout the trial, Bankman-Fried has consistently denied any misuse of funds and has maintained that he did not defraud clients. Additionally, he has faced prior allegations of witness tampering.
