SafeMoon’s CEO is out on bail but could lose his lawyers.
Braden John Caroni, the CEO of bankrupt crypto firm SafeMoon, has been released on bail but may end up in the hands of a public defender because of “lack of funds for private counsel.”
Caroni In November 2023, the United States Department of Justice indicted Caroni and his associates on charges of money laundering and conspiracy to defraud.
However, the attorneys — Petrillo Klein and Boxer — sought to withdraw as Caroni's counsel starting Jan. 22, citing a “clear lack of funds” to pay the SafeMoon CEO's personal counsel.
In a Feb. 12 filing, Petrillo partner Adam Shuman reiterated his earlier Jan. 22 request as counsel, stating that SafeMoon would reimburse Caroni's legal fees once, but ultimately failed to deliver the money to the firm's receiver and filed for bankruptcy.
Motion to withdraw as attorney at Petrillo Klein & Boxer LLP. By Braden John Caroni. (Shuman, Adam) (Accessed: 02/12/2024) pic.twitter.com/EKEsljwq9y
— Live4offrd #AllForOne (@live4offrd) February 12, 2024
Shuman also noted that a judge has appointed a public defender for Caroni since Feb. 9, and the two “are now in direct contact.”
On Jan. 31, Judge Eric Comity ordered Caroni's attorneys to assist him with a Criminal Justice Act attorney — which provides counsel to indigent defendants — and though after reviewing their application, he “may consider and grant” that failure to pay legal fees is usually not sufficient grounds for dismissal.
Caroni finally got bail
In the year At a Feb. 9 hearing in New York, Judge Taryn Merk granted Caroney bail and released him on a $3 million bond at his parent's Utah home, where he signed as guardian, along with cyber and electronic monitoring and restraints. According to the Law360 report, crypto promotional activities.
Merkl initially dismissed Caroni's $1 million bond as “completely insufficient” and cited the discovery of millions of dollars worth of crypto.
However, Caroni's parents, who were former employees of the Central Intelligence Agency, reportedly lobbied Merkel to release their son. The couple, Caroni said, were supported by his mother, Jennifer Caroni, who reported him to the Federal Bureau of Investigation and a legal battle stemming from a business dispute.
Prosecutors had criticized the original bail conditions, saying Caroni's past legal troubles with his parents might mean he didn't care to leave them “on the hook,” Caroni's lawyers denied the conflict had been resolved.
They also stated that his ties to the UK – where Caroni lived for two years and where his money still resides, along with millions of worth of crypto – meant he was a flight risk.
Related: Binance founder CZ's sentencing date has been moved to the end of April
Merck and prosecutors were ultimately satisfied with the new bail conditions, with the judge reportedly telling Caroni he was “very lucky.”
If something goes wrong, you'll come back here in a heartbeat, and I promise you: you won't bail again.
US prosecutors indicted Caroni and Chief Technology Officer Thomas Smith on October 31, 2023, on securities, wire fraud and money laundering charges. Kyle Nagy, the creator of SafeMoon, was also charged with theft but stayed.
The US Securities and Exchange Commission charged Caroni, Nagy and Smith with fraud and unregistered sales of securities.
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