As SBF plans to testify, former SDNY federal prosecutor sees it as a ‘Hail Mary’

As Sam Bankman-Fried’s trial for seven fees associated to fraud and cash laundering approaches its ultimate innings, the query of how he’ll mount his protection hangs over the proceedings.

On Thursday, prosecutors will end their case in opposition to Bankman-Fried and the defendant’s group might be given the chance to make a case.

Throughout a teleconference on Wednesday, Mark Cohen, Bankman-Fried’s lead legal professional, mentioned that the protection has three potential witnesses. He additionally mentioned: “Our consumer might be testifying.”

Cohen mentioned he expects Bankman-Fried’s testimony to be the identical size as that of his former colleagues who pleaded responsible: FTX co-founder and CTO Gary Wang, Alameda CEO Caroline Ellison, and FTX head of engineering Nishad Singh. And that it’s going to take a “good a part of Thursday, perhaps all of Thursday,” with potential for Friday cross-examination.

Assistant U.S. Attorneys Nicolas Roos mentioned if the defendant testifies, which Cohen indicated he’s, and relying on what Bankman-Fried says, a Monday closing for the trial “might now not be lifelike.”

“We’re within the final innings, and, to change metaphors, that is his Hail Mary,” mentioned Josh Naftalis, a former federal prosecutor who’s now a associate at Pallas Companions. He predicted earlier this week that Bankman-Fried would testify on starcrypto’s Chain Response podcast.

Whereas he was working within the Southern District of New York, Natfalis secured convictions in each federal prison trial that he led as an assistant U.S. legal professional. Primarily based on that have, Naftalis mentioned that Bankman-Fried is up in opposition to robust proof, three cooperating witnesses and particulars of how billions of {dollars} flowed by firms he managed. “That is his alternative to say, ‘I didn’t intend to do something unsuitable. I didn’t act in unhealthy religion. I used to be performing in good religion, issues simply obtained uncontrolled,’ and it’s actually laborious for any defendant to clarify to a jury what’s in his head except they take a stand,” Naftalis mentioned.