Lawyers for embattled Sam Bankman-Fried want to question FTX co-founder Gary Wang about the legal basis on which he accepted loans from related hedge fund Alameda Research. This action by Bankman-Fried's lawyers calls into question the prosecution's contention that Bankman-Fried used these funds improperly or illegally. 🏛️
The defense argues that Wang's belief in the legality of the loans structured with legal assistance is key to refuting the prosecution's claim that they were merely a façade to conceal the source of the funds. Wang has previously said he trusted the lawyers involved in the transactions and did not think they would advise him to do anything illegal. ⚖️
Bankman-Fried maintains his innocence of the fraud charges, emphasizing the company's legal counsel's involvement in arranging the loans to bolster his claim that he was unaware of the impropriety.
The defense argues that Wang's belief in the legality of the loans structured with legal assistance is key to refuting the prosecution's claim that they were merely a façade to conceal the source of the funds. Wang has previously said he trusted the lawyers involved in the transactions and did not think they would advise him to do anything illegal. ⚖️
Bankman-Fried maintains his innocence of the fraud charges, emphasizing the company's legal counsel's involvement in arranging the loans to bolster his claim that he was unaware of the impropriety.