- Lawyers of Sam Bankman-Fried fight subpoena for the remote deposition of Former FTX’s CEO
- The attorney of Sam Bankamn-Fried had asked Judge to block the order because it was not served properly
- The committee of Voyager’s unsecured creditors had served Subpoena against Sam Bankam-Fried and other top executives of FTX & Alameda Research
What was the point of Voyager Digital?
Representatives of Voyager Digital requested to Court that Sam Bankman-fried and other top executives of FTX and Alameda research provide documents and appear in court next week for deposition.
Earlier in July 2022, Voyager digital filed for bankruptcy, and according to the company, FTX attempts to buy out Voyager’s assets. The Subpoena mainly focused on how Sam Bankman-Fried tried to gain publicity for FTX and that the buyout attempt was unreasonable.
According to some reports, $446 million in funds has been stuck in the crashed crypto trading firm Almeda research and the funds are linked with crypto loans that Voyager Digital gave to Almeda before collapsing.
The Subpoena was handed to the mother of Sam Bankman-Fried by authorities in California because the former CEO wasn’t there to receive it as he was attending a bail hearing on a criminal case.
Is Sam Bankam-Fried dodging the court?
The guilty of one of the biggest crypto collapsed in the history of the US had broken the order of the court several times. The United States bankruptcy court called for a remote deposition with all the documents on February 20 but the lawyer of FTX’s CEO called it unreasonable.
Judge Lewis Kaplan warned Sam Bankman-Fried a few days ago that his bail may be revoked as he was engaged in attempting witness tempering.
Now the deposition is scheduled remotely on February 23 but the lawyer Marc R. Lewis asserted that the subpoena was unreasonable and should be declined as it wasn’t served properly.
The Supoena consisted of 49 separate documents that asked to be turned over by February 20 but there was no such response from the former FTX CEO’s side regarding the appearing in court.
Was it really an “unreasonable” order?
Sam Bankman-Fried’s lawyer argued with a federal judge. He said that the subpoena was not served properly and asked them to block this. It may cause the FTX CEO to invoke his fifth amendment.
The fifth amendment of the US gives the right to remain silent and makes sure that the government does not force someone to incriminate information about themselves. This amendment is applied to the subpoena.
Conclusion
There is a total of eight cases on the Former CEO of FTX including money laundering but he was continuously saying that he is not guilty.
However, the Japan FTX started the withdrawal process for customers who have their funds in FTX japan, and Sam Bankman-Fried hoping for the same process in the US entity.
But even so, there are a lot of busted facts that will come into play. The next court hearing is scheduled for February 23, but the SBF is yet to be ready with its documents.
Source: https://www.thecoinrepublic.com/2023/02/28/sam-bankman-fried-fights-subpoena-for-remote-deposition/