SBF’s legal battle still has “a lot to play out,” according to legal commentators

Sam Bankman-Fried, former FTX CEO, faces eight accusations and will get 115 years in jail, however there’s a “lot to play out” till he will get a ultimate sentence over the approaching months and even years, authorized commentators informed Cointelegraph. 

“It’s troublesome to say at this stage what the doubtless consequence will likely be, however the stakes are very excessive certainly. Sentences in main fraud instances can range, with Bernie Madoff receiving a 150 yr sentence in 2009, while within the Enron case a number of years earlier the sentences handed out to the prime movers had been a lot decrease,” acknowledged Richard Cannon, Associate at Stokoe Partnership Solicitors.

As Bernie Madoff, an American financier who defrauded hundreds of traders of tens of billions of {dollars} over a interval of 17 years, SBF used its credibility to cowl FTX’s issues and the circulation of cash to Alameda’s Analysis. Madoff’s scheme additionally collapsed in a bear market, and he was convicted and ordered to pay $170 billion to victims in 2009, nevertheless solely $4 billion was paid to victims 13 years later, based on the Madoff Victims Fund.

Related: Binance ‘put FTX out of business’ — Kevin O’Leary

In Enron’s case, executives of the disgraced vitality firm had been convicted years after the scandal. Kenneth Lay, one of many firm’s founders, died earlier than he was sentenced to 45 years in jail, whereas Jeffrey Skilling, Enron’s former CEO, served 12 years of his 24-year sentence.

As for SBF, accusations embrace conspiracy to commit wire fraud on prospects and lenders, securities fraud, commodities fraud, cash laundering and conspiracy to defraud america and violate the marketing campaign finance regulation.

“Given the unprecedented sum of money at problem right here SBF will likely be a excessive guideline vary [for a sentence]. Nevertheless, there are mitigating components – does he waive extradition, does he cooperate, does he assist find sufferer funds. There’s a nonetheless lots to play out right here over the approaching months and even years,” famous Ari Redbord, the pinnacle of Authorized and Authorities Affairs at TRM Labs, a blockchain intelligence firm.

The extradition course of from the Bahamas to america is the subsequent step on this authorized battle. “The defendant has not waived his proper to problem extradition and a listening to is ready for February. Between at times issues can change particularly when a defendant stays detained and should need to transfer the method alongside. That may very well be SBF waives extradition or he may contest it on the listening to,” commented Redbord.

The previous FTX CEO has reportedly employed Mark Cohen, a former federal prosecutor, to behave as his protection lawyer. As reported by Cointelegraph, Cohen is a co-founder of the regulation agency Cohen & Gresser, and was a member of the protection workforce within the high-profile case of Ghislaine Maxwell, sentenced to twenty years in jail for baby intercourse trafficking.