Tag: FTX

FTX Probe to Test Whether Law Giant is Tainted by Conflicts

Cleary’s investigation will examine whether there are conflicts of interest involving Sullivan & Cromwell “which were not adequately addressed” when the firm applied to be lead counsel, according to a proposed Justice Department order. A central feature of the review will likely be whether the firm intentionally or recklessly omitted things about its FTX relationship, Frisch said. The Trustee has…

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Sam Bankman-Fried Says 50-Year Sentence Only Suitable for a ‘Super Villain’ – Bloomberg

Sam Bankman-Fried said US prosecutors’ proposal to put him in prison for as long as 50 years “distorts reality” and paints him as a “depraved super-villain.” Prosecutors have argued that a sentence ranging from 40 to 50 years is necessary for the FTX co-founder’s “historic” crime involving more than 1 million victims and losses of more than $10 billion in…

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Sam Bankman-Fried Should Get 40 to 50 Years in Prison, Prosecutors Say – The New York Times

Federal prosecutors said on Friday that Sam Bankman-Fried, the cryptocurrency mogul who was convicted of masterminding a multibillion-dollar fraud, should receive a prison sentence of 40 to 50 years. The prosecutors outlined the recommendation in a filing in U.S. District Court in Manhattan. Mr. Bankman-Fried’s sentencing hearing is scheduled for March 28, when Judge Lewis A. Kaplan will decide his…

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Hedge Funds Set for FTX Win – Bloomberg

FTX is already one of history’s great corporate disasters. Now, for a clutch of specialist funds, it’s shaping up to be a terrific trade too. A cadre of investment firms have been buying up the rights to FTX customer claims since the crypto firm fell into bankruptcy in late 2022. The basic bet has been that customers would recover more…

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Sam Bankman-Fried Replaces Trial Lawyers Ahead of Sentencing, Taps Celsius CEO Alex Mashinsky’s Legal Team

Sam Bankman-Fried, in his first appearance in court after being found guilty of defrauding billions of dollars from FTX customers, said his trial attorneys would no longer represent him as he heads towards sentencing. Instead, his newly hired lawyer, Marc Mukasey, will represent him over the next month. Bankman-Fried, who was found guilty on seven different counts of fraud and…

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FTX and Binance: a tale of two cases | Reuters

No two prosecutions are alike, but the difference in outcomes in these two cases is striking. To be sure, FTX and Bankman-Fried, as the government alleged and the jury ultimately found, engaged in the most consequential financial crimes — systematic fraud upon customers and investors — while Binance and Zhao pleaded guilty to “process” crimes. These included failure to register…

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