Today Sam Bankman-Fried’s (SBFs) lawyers filed a letter reiterating plans to use an ‘advice-of-counsel’ defensein the FTX fraud trial. In order for the Government to argue its case, it has to prove fraudulent intent beyond a reasonable doubt. If someone can demonstrate they relied on advice in good faith, that might undermine the Government’s case.
But there’s a second potential reason which is quite particular to the SBF case. One of FTX’s key lawyers was Dan Friedberg, who has a colorful past. A long time ago, he worked for a company embroiled in an online poker scam which allowed a few people to see the poker cards of other players. Friedberg provided controversial advice to the poker firm on how to minimize exposure. A secret recording of the discussions is available on YouTube.
Before joining FTX, Friedberg was a partner at Fenwick & West, advising SBF and his companies from 2017 to 2019. The law firm continued to be FTX and Alameda outside counsel after Friedberg joined the companies – he worked for both.
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