Notorious fraud lawyer: “FTX CEO could end up in jail for years”

Bernie Madoff was one of the most famous fraudsters and the man behind the biggest Ponzi scheme all time. Madoff’s attorney, Ira Lee Sorkin, recently stated in an interview that he expects the former CEO of ftx, Sam Bankman-Fried (SBF), can expect years in prison. The lawyer also expects that other people involved will be arrested.

SBF in trouble

Sorkin made this known in a interview with CNBC. He was convinced that SBF would receive a hefty prison sentence if found guilty. He is being charged by the US authorities with, among other things, committing fraud and even money laundering.

He noted that since some of the charges are conspiracies, there is a good chance that other perpetrators will be arrested once the investigation is complete. However, the lawyer pointed out that several factors will influence the verdict against Bankman-Fried.

“But the fact that there are numerous conspiracies leads me to believe that this investigation is far from over. […] It is unlikely that the suspects will receive the maximum sentence. But the mail fraud, the digital fraud, the conspiracies, the maximum is 20 years. And judges, of course, will consider a lot of things in sentencing that we don’t know about at this point. But he faces many, many, many years in prison,” he said.

FTX CEO arrested

Remarkably, SBF was arrested in the Bahamas at the request of the Americans just before the former FTX CEO was due to appear before the US Congress. According to Sorkin, this is perhaps a bit too coincidental and the Americans had reason to believe that SBF would take the hare path.

“And I’m just speculating, but maybe there was some discussion that he was hiding money around the world in different countries he might go to that didn’t have a strong extradition treaty with the United States.”

Recently was also in it crypto news read that SBF’s request to be released on bail by the judge was rejected. There will also be a hearing at the beginning of next year to see if he can be extradited to the United States.

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