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Sam Bankman-Fried’s New Lawyers: Former FTX Boss Hires New Counsel Ahead of Sentencing

Last Updated January 15, 2024 11:08 AM
Teuta Franjkovic
Last Updated January 15, 2024 11:08 AM

Key Takeaways

  • Sam Bankman-Fried has hired new legal representation ahead of his sentencing.
  • His original legal team was reportedly dissatisfied with his testimony during the trial.
  • Prosecutors have decided not to proceed with a second criminal trial against the disgraced former billionaire.

Sam Bankman-Fried, the founder and former CEO of the cryptocurrency exchange FTX, was convicted on charges of wire fraud and conspiracy, along with the misappropriation as much as $10 billon of customer funds.

Now, Bankman-Fried has told a federal court of his new legal representation  before his sentencing for seven criminal charges.

SBF Hires New Legal Team Before Sentencing, May Appeal Conviction

On January 9, a document  submitted to the United States District Court for the Southern District of New York said Torrey Young and Marc Mukasey of Mukasey Young LLP were now representing Bankman-Fried. Additionally, Bankman-Fried’s attorneys submitted a confidential document,  which may indicate an they could appeal his November conviction.

Bankman-Fried resigned from his position in November 2022 due to financial difficulties within the company. Following the resignation, FTX declared bankruptcy . Bankman-Fried was then extradited from the Bahamas to the United States, where he was charged with fraudulent activities involving FTX and Alameda Research.

In October 2023, after a month-long trial, a jury found Bankman-Fried guilty on seven criminal charges. These included wire fraud, wire fraud conspiracy, securities fraud, commodities fraud conspiracy, and money laundering conspiracy. Judge Lewis Kaplan is due to sentence him on March 28 this year.

Bankman-Fried’s Legal Team Changes, Prosecutors Drop Second Trial

The reasons behind Bankman-Fried’s decision to hire new legal representation prior to his sentencing remain unclear. However, post-trial reports indicated dissatisfaction among his original legal team with his testimony. Stanford Law School professor David Mills commented that Bankman-Fried’s performance during cross-examination was notably poor.

Aiming for Swift Resolution

Initially, Bankman-Fried was also set to face a second criminal trial in March on five additional charges. However, prosecutors have decided not to pursue this second trial, citing the public interest. Following his conviction, Bankman-Fried could receive a lengthy prison sentence.

The prosecutors emphasized  the “strong public interest” in swiftly concluding their case against the 31-year-old former billionaire was more significant than the potential advantages of conducting another trial. This move indicates a focus on quickly resolving legal proceedings surrounding the case.

Prosecutors stressed the importance of a swift resolution  in the case against Bankman-Fried, particularly in light of his upcoming sentencing.

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