Sam Bankman-Fried could face decades in jail if convicted of law violations in FTX collapse, lawyers say

Forkast

The former CEO of the collapsed crypto exchange “needs to keep his mouth shut” and stop making public comments that could be used against him in future court cases, lawyers tell Forkast.

Sam Bankman-Fried, founder and former chief executive officer of failed cryptocurrency exchange FTX, could face more than 20 years in prison depending on the scale of potential legal violations related to the collapse of FTX and if he is convicted, two lawyers told Forkast. Multiple U.S. state agencies, including the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the Department of Justice (DOJ), are probing Bankman-Fried and his Bahamas-based company following FTX’s abrupt implosion this month. “With respect to the criminal sanctions, depending on the number of violations and the dollar value of violations, under the federal sentencing guidelines, you could be looking at potential criminal liability that could exceed 20 years of incarceration,” Richard Levin, chair of fintech and regulation practice of law firm Nelson Mullins Riley & Scarborough, told Forkast in an interview. Braden Perry, former senior trial attorney at CFTC and partner at law firm Kennyhertz Perry, told Forkast that Bankman-Fried could even face “life in federal prison without the possibility of supervised release.”

Read More

Join now!