As the trial date for Sam Bankman-Fried (SBF), the co-founder of FTX, approaches, new court documents reveal that SBF is prepared to pay substantial fees to his expert witnesses, potentially exceeding the compensation offered to prosecution witnesses. The trial, which is currently scheduled for October 2, 2023, centers around allegations of fraud, and SBF intends to call upon seven expert witnesses to testify on his behalf.
These expert witnesses, as outlined in court filings, include Lawrence Akka, Thomas Bishop, Brian Kim, Joseph Pimbley, Bradley Smith, Peter Vinella, and Andrew Di Wu. Notably, some of these experts are set to command significant hourly rates for their testimony, raising eyebrows within legal circles.
One of the most prominent expert witnesses, former Federal Election Commission Chairperson Bradley Smith, is expected to charge SBF’s legal team an impressive $1,200 per hour for his testimony. Smith’s expertise is particularly relevant to issues surrounding campaign finance laws in the United States, as well as matters related to straw donors. In his court filing dated August 28, Smith clarified,
“I have no financial interest in the outcome of this case. I am being compensated for my time and services on an hourly basis at the billing rate of $1,200 per hour.”
He further emphasized that his compensation is not contingent on the case’s outcome or the opinions presented during the trial.
One of the most prominent expert witnesses, former Federal Election Commission Chairperson Bradley Smith, is expected to charge SBF’s legal team an impressive $1,200 per hour for his testimony. Additional potential expert witnesses for SBF have hourly rates ranging from $400 to $650.
SBF expert witness compensation
In contrast, the prosecution’s expert witnesses also command substantial fees. For instance, Peter Easton, an accountancy professor at the University of Notre Dame and a proposed witness for the prosecution, is expected to charge $1,175 per hour, according to court data.
These revelations emerged as part of a motion filed by the U.S. Department of Justice (DOJ), seeking to prevent all seven of SBF’s expert witnesses from testifying in court. The DOJ argued that the proposed experts and their accompanying disclosures have various deficiencies and do not provide a sufficient basis for the opinions they intend to present.
As the legal proceedings unfold, the compensation offered to expert witnesses on both sides underscores the complexity and significance of the case. The trial of SBF, a prominent figure in the crypto industry, will undoubtedly be closely watched by legal experts, cryptocurrency enthusiasts, and the broader financial community, given its potential implications for the evolving regulatory landscape of the cryptocurrency sector.
