Sam Bankman-Fried will retain new counsel before the sentencing hearing begins
Former FTX CEO Sam “SBF” Bankman-Fried has filed notice in federal court that he has hired new counsel ahead of a sentencing hearing on seven felony charges.
In the lawsuit filed Jan. 9 in the U.S. District Court for the Southern District of New York, Torrey Young and Mark Mucasey of Mucasey Young LLP said they represent Bankman-Fried. SBF's legal team also filed a sealed document, which could indicate a possible appeal against the conviction in November.
Bahnmann-Fried, the former CEO of cryptocurrency exchange FTX, stepped down in November 2022 amid liquidity problems at the firm. FTX subsequently filed for bankruptcy, and SBF was extradited from the Bahamas and charged in the United States with fraud in connection with the handling of funds between FTX and Alameda Research.
Following a roughly month-long trial in October 2023, a jury convicted Banman-Fried of seven felony counts, including wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering conspiracy. He is expected back in court on March 28 for sentencing by Judge Lewis Kaplan.
Related: What's next for ‘crypto king' Sam Bankman-Fried?
It is not clear why the SBF retained new counsel before the sentencing hearing, but according to reports following the hearing, members of the legal team were disappointed with his performance at the trial. Stanford Law School professor David Mills SBF said: “He's the worst person ever. [he had] Cross-examination has never been seen.
Bankman-Fried was originally expected to face a second criminal trial in March, where he faces five additional charges. But prosecutors reportedly plan not to proceed with the process, citing public interest. The former CEO of FTX could face years in prison after conviction.
Magazine: Terrorism and the Israel-Gaza War Weaponized to Destroy Crypto.
