FTX founder Sam Bankman-Fried’s bid to shift blame complicated by new charges

Part of Sam Bankman-Fried’s defence will be seeking to distance himself from the day-to-day operations of FTX, but experts say new accusations against him could complicate that strategy

Former FTX technology chief Gary Wang and Caroline Ellison, formerly the CEO of Bankman-Fried’s Alameda Research hedge fund, had each previously pleaded guilty and are co-operating.

It is common for defendants to challenge the credibility of co-operating witnesses, often arguing that they are motivated to lie and implicate others in a bid to win leniency. Bankman-Fried appeared to contradict that in a Jan. 12 blog post, saying he was not running Alameda and “was told” – without saying by whom – that its balance sheets were accurate.

“The superseding indictment seems designed to undercut the defences that he has floated in public,” said Mark Kasten, counsel at Buchanan Ingersoll & Rooney in Philadelphia.

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