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Sam Bankman-Fried’s legal team challenges subpoena over procedural issues and Fifth Amendment rights

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Sam Bankman-Fried’s legal counsel is opposing a subpoena requiring the former FTX boss to participate in a remote deposition. They have requested a federal judge to block the summon in question.

Sam’s lawyers have contested the subpoena’s validity for him to produce documents related to the Voyager Digital case.

Instead of being personally delivered to Sam, the notification was deposited with Bankman-Fried’s mother, Barbara Fried. It is why his lawyers are arguing that the subpoena is “procedurally deficient”. They say that caselaw in US courts holds that Rule 45 subpoenas must be personally delivered to the named individual and not left in the care of someone else.

Lawyers for Voyager’s creditors are investigating FTX’s attempt to bail out the crypto lender when it went bankrupt in July 2022.

The summon, defined under Rule 45 subpoena, commands Bankman-Fried to produce designated documents for inspection and copying concerning the case.

Undue burden and Fifth Amendment concerns

Bankman-Fried’s counsel further argues that the subpoena burdens him by giving him only one business day to produce 49 separate documents and a four-day notice to appear. The subpoena was also served before the President’s Day long weekend. Compliance with the subpoena would potentially violate Bankman-Fried’s Fifth Amendment rights, which protects against self-incrimination.

They state that the requested production would entail reviewing a large volume of material and judging their responsiveness, which could constitute an incriminating testimonial act in the criminal case. “Each of the document requests calls for documents that may be relevant to the Criminal Case, in which loans by and to Alameda are at issue,” they write.

Subpoenas pile up for Bankman-Fried

Bankman-Fried, once a crypto market icon, is involved in multiple lawsuits. The FTX case is expected to garner much attention, and the subpoena is just one of many dramatic developments affecting him.

Voyager’s lawyers recently served a subpoena to former FTX CEO Alameda CEO Caroline Ellison, FTX co-founder Gary Wang, and FTX’s head of product Ramnic Arora, requesting that they provide certain information. The latest subpoena requires them to provide additional information.

FTX reopens withdrawals in Japan

In other FTX news, customers of the exchange in Japan became the first to benefit from resumed withdrawals on Feb. 21. Additionally, Democratic lawmakers have announced their intentions to return 2.2% of the total $45.2 million donated by Bankman-Fried due to his political donations and discussions with lawmakers.

Other FTX executives have already entered plea deals, including Nishad Singh, who was part of the inner circle at FTX.

Bankman-Fried’s legal team will continue to dispute the subpoena’s validity, with Voyager’s creditors due back in court in New York on Feb. 22 for another hearing.

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1 Comment

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