Defence lawyers will have a chance to put forward a competing narrative when they present their case, beginning as soon as Thursday
Sam Bankman-Fried’s lawyers have complained that prosecutors at his fraud trial are portraying the FTX cryptocurrency exchange founder as a “cartoon of a villain,” but have done little to counter unflattering depictions of him offered to the jury by his former colleagues.
“Even though it doesn’t go directly to guilt or innocence, it might create a bad impression,” said Jordan Estes, a former federal prosecutor in Manhattan who is now a partner at law firm Kramer Levin. “It’s easier to convict someone that you might not like as much.” In his Oct. 4 opening statement to the jury, defence lawyer Mark Cohen said Bankman-Fried “overlooked” risk management while building FTX and Alameda, which declared bankruptcy in November 2022 following a wave of withdrawals by customers. But Cohen said Bankman-Fried did not intend to steal the customers’ money.
Bankman-Fried’s best shot at establishing a positive impression of his character may be to take the witness stand himself, some experts said. His lawyers have said the defendant is considering doing so. So far, two key prosecution witnesses have testified about instances in which Bankman-Fried disparaged colleagues who disagreed with him, particularly about financial issues at the heart of the criminal charges.