A pair of attorneys not associated with Sam Bankman-Fried or FTX are considering the possibility of the former CEO testifying at his ongoing trial.
In a new interview with Laura Shin on the Unchained Podcast, Sam Enzer, partner at law firm Cahill Gordon and Reindel, say he thinks Bankman-Fried would probably make matters worse for himself by testifying.
Says Enzer,
“[What] I would like to say to him: ‘we are going to lose, we are not going to win this trial, we have to think about a conviction. If you testify, you will add decades to your sentence, you will not change the outcome and, in addition to finding you guilty, the judge will find that you not only failed to accept responsibility, but also attempted to commit perjury. and this is a judge who will actually convict you for that. It’s a mistake.'”
On the other hand, Enzer also thinks that testifying is Bankman-Fried’s only chance at an acquittal – and could be a desperate attempt to reduce his sentence or be acquitted.
‘Now I think his only chance for an acquittal is to testify. The evidence is too overwhelming as far as I can see… And the crosses simply haven’t done enough to poke holes in the government’s case. The only way to give the jury a competing theory would be for him to testify, but I think even if he did testify, there’s just too much going against him, there’s too much headwind and that’s why I’d say do it not.
Greg Strong, partner at DLx Law, echoes Enzer’s thoughts.
“I agree with that. I think it will be complicated by the fact that I strongly believe he will want to testify. And ultimately it is his decision, so he must follow the advice of his lawyers. But let’s take a step back: my experience with people who have been able to commit large-scale financial fraud is that they do this because they can be very convincing.
And if they convince a lot of people over a long period of time, they kind of believe that they have the ability to convince people whenever they want. I think that will play a role in whether or not he will testify, and that’s why I think he’ll want to testify, because I think he’ll believe that he can convince people that he, you know, maybe was not as involved as is now portrayed in the case of the government. But I think it would be a mistake.”
Last week, the former head of Alameda Research and Bankman-Fried’s ex-girlfriend, Caroline Ellison, testified that she was directed by the defendant to commit several crimes. If the former FTX executive is convicted of his charges, he faces decades behind bars.
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