According to Ars Technica, SBF’s lawyers are essentially arguing that there’s no evidence of harm caused because fraud requires a “scheme to cause economic loss to the victim,” which prosecutors allegedly haven’t proved. Instead, SBF alleges that federal prosecutors have concocted “a hodgepodge of different intangible losses” suffered by banks and lenders — including “the right to honest services,” “the loss of control of assets,” and “the deprivation of valuable information.” […] “In the end, the Government is trying to transform allegations of dishonesty and unfair dealing into violations of the federal fraud statutes,” SBF’s lawyers wrote. “While such conduct may well be improper, it is not wire fraud.”
The 31-year-old Bankman-Fried, who is currently under house arrest on a $250 million bond at his parents’ home in Palo Alto, California, faces more than 155 years in prison if convicted on all counts. A trial has been scheduled for October.
Read more of this story at Slashdot.