Gary Wang’s Testimony to Show SBF Innocence in FTX Trial?

• Sam Bankman-Fried’s attorneys wish to depend on FTX co-founder’s testimony to refute cash laundering allegations.
• Gary Wang testified final Thursday that FTX attorneys have been concerned within the structuring and execution of the loans he obtained.
• The attorneys argue Bankman-Fried couldn’t have recognized the loans have been improper due to the lawyer’s involvement.

A Monday submitting revealed that Sam Bankman-Fried’s attorneys have approached the court docket to permit them to depend on FTX co-founder Gary Wang’s testimony within the ongoing trial to disprove claims that Bankman-Fried acted fraudulently. The attorneys wish to use the proof to counter cash laundering prices towards Bankman-Fried.

Gary Wang advised authorities prosecutors that he relied on authorized recommendation in securing about $200 – 300 million mortgage from hedge fund Alameda Analysis which he used to fund enterprise investments on behalf of FTX and safe a home within the Bahamas.  Moreover, he talked about the involvement of FTX attorneys in structuring and executing the loans, which Bankman-Fried was conscious of.

Wang acknowledged that, resulting from his reliance on the lawyer’s involvement, he had no cause to scent foul play. Wang advised prosecutors he “didn’t suppose the loans have been designed to cover the truth that cash was coming from Alameda (and) didn’t suppose the attorneys would inform him to signal one thing that was unlawful.”

Attorneys for Bankman-Fried argue that Wang’s testimony corroborates Bankman-Fried’s understanding that the loans weren’t improper. As well as, the attorneys wish to use the proof to excuse the blame placed on the founder for dealings between FTX and Alameda Analysis.

“Mr Wang’s understanding that these have been precise loans – structured by attorneys and memorialized in formal promissory notes that imposed actual curiosity fee obligations – is related to rebut the inference that these have been merely sham loans directed by Mr. Bankman-Fried to hide the supply of the funds,” the submitting stated.

Nevertheless, earlier than this submitting, Decide Lewis Kaplan had already dominated that Bankman-Fried couldn’t heap the blame on his attorneys. He added that the arguments over the authorized recommendation might confuse or prejudice the jury.

Gary Wang made his court docket look final Thursday, the place he spoke concerning the improper dealings inside the defunct FTX. His testimony continues right this moment earlier than the prosecution introduces their key witness – Caroline Ellison, former head of Alameda Analysis. Each Wang and Ellison have pleaded responsible to the fees and are cooperating with investigators.