Ex-FTX CEO Sam Bankman-Fried Retains New Legal Team Ahead of Sentencing for Multiple Fraud Charges
Summary:
The former CEO of FTX, Sam "SBF" Bankman-Fried, has informed a federal court that he has appointed new lawyers ahead of his sentencing hearing for seven criminal charges. Bankman-Fried resigned from FTX in November 2022 amidst liquidity problems and was later extradited from the Bahamas to face US fraud charges relating to transactions between FTX and Alameda Research. After a month-long trial in October 2023, he was found guilty on all counts. He's due back in court for sentencing in March under Judge Lewis Kaplan. Despite initial plans for a second criminal trial, reports suggest he may face no further charges. He could, however, still serve several years in jail.
The ex-chief executive of FTX, Sam "SBF" Bankman-Fried, has informed a federal court that he has procured new representation ahead of his sentencing hearing on seven criminal counts. On January 9, in a submission to the United States District Court for the Southern District of New York, Torrey Young and Marc Mukasey from Mukasey Young LLP identified themselves as the representatives for Bankman-Fried. Additionally, a confidential document was submitted by SBF's legal team, which could indicate a potential appeal against his conviction in November.
Bankman-Fried, formerly the helm of cryptocurrency marketplace FTX, resigned in November 2022 due to capital flow issues within the company. Subsequently, FTX declared bankruptcy, and Bankman-Fried was brought back from the Bahamas to face US charges of fraudulent conduct relating to financial transactions between FTX and Alameda Research.
Following approximately four weeks of trial proceedings in October 2023, a jury found Bankman-Fried guilty on seven counts, including conspiracy to commit wire and commodities fraud, wire fraud, securities fraud, and money laundering conspiracy. He is anticipated to reappear in court for sentencing on March 28, under Judge Lewis Kaplan.
The reasons for SBF's decision to switch lawyers prior to his sentencing hearing remain unknown. Yet, reports suggest that dissatisfaction with his courtroom performance among his previous legal team following the trial. Stanford Law School's Professor David Mills was reported to have said that SBF was the "most unimpressive individual [he had] ever seen cross-examined."
Initially, Bankman-Fried was expected to go through a second criminal trial in March to face five more charges. However, reports suggest that the prosecution may have decided not to proceed with the case in the interest of the public. As a result of his conviction, the former FTX CEO could potentially spend several years in jail.
Published At
1/10/2024 6:40:54 PM
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