Eisenberg's Defense Claims Fundamental Errors in Mango Markets Fraud Case

Avraham “Avi” Eisenberg, who was previously convicted of commodities fraud, commodities manipulation, and wire fraud related to his trading activities on Mango Markets, is pushing for his conviction to be cleared.

Avraham “Avi” Eisenberg's legal team has filed a motion for judgment of acquittal or, in the alternative, a new trial, following Eisenberg's conviction for commodities fraud, commodities manipulation, and wire fraud related to his trading activities on Mango Markets.

Eisenberg's attorneys are arguing that the initial trial was riddled with several fundamental errors that ultimately render the conviction unsound. They claim that the government failed to prove that the commodities involved in the case fell under the jurisdiction of the Commodities Exchange Act (CEA). Specifically, the defense asserts that the MNGO Perpetual contracts, which were central to the charges, do not qualify as swaps or mixed swaps under the CEA, thus rendering the Commodities Futures Trading Commission's (CFTC) attempt to apply the CEA to the Mango Markets perpetual contracts legally flawed. This, according to the defense, serves to undermine the basis of the prosecution's case.

Furthermore, the defense maintains that the government did not establish that any acts constituting the alleged crimes occurred within the Southern District of New York (SDNY), where the trial was held, calling into question the appropriateness of the venue. In their motion, Eisenberg's attorneys also challenge the sufficiency of the evidence presented at trial. They argue that the prosecution failed to demonstrate that Eisenberg intended to manipulate the market or deceive Mango Markets.

The defense contends that Mango Markets, as a decentralized exchange, could not have been deceived in the manner alleged because the protocol executed trades automatically, without discretion. Moreover, they assert that the prosecution did not prove that Eisenberg used an interstate wire, as required for the wire fraud charge. The motion highlights that no evidence was provided to show that any relevant wires originated, passed through, or terminated in the SDNY district.

Eisenberg's legal team concludes the motion by arguing that the cumulative effect of these errors deprived Eisenberg of a fair trial and necessitates the court's intervention to rectify the matter. They are requesting that the court grant Eisenberg's motion for judgment of acquittal or, in the alternative, a new trial.

What do you think about the defense's argument? Share your thoughts and opinions about this subject in the comments section below.

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