News

SBF Trial Lawyer Also Takes On The Lawsuit Of Celsius Founder Alex Mashinsky

Key Points:

SBF trial lawyer Mukasey also defended Celsius founder Alex Mashinsky, who was charged by the DOJ with securities fraud.
Concerns arise over shared legal representation with Mashinsky, founder of Celsius Networks, facing separate fraud charges.

Sam Bankman-Fried, the incarcerated founder of cryptocurrency exchange FTX, appeared in court on Wednesday, signaling a shift in legal representation ahead of his impending judgment for defrauding billions of dollars from FTX customers.

SBF Trial Lawyers Appearance and Sentencing Await

Bankman-Fried confirmed his decision to retain new lawyers, Marc Mukasey and Torrey Young, despite potential conflicts of interest arising from their representation of another cryptocurrency figure, Alex Mashinsky, who faces separate fraud charges.

According to Inner City Press, Bankman-Fried, convicted of fraud last November, faces possible decades in prison. SBF trial lawyer Mukasey, who also represents Mashinsky, will now lead Bankman-Fried’s defense as he awaits sentencing in late March.

During the hearing overseen by Judge Lewis Kaplan, Bankman-Fried addressed concerns regarding shared legal representation with Mashinsky, as both Celsius Networks and FTX had prior dealings. This move comes as Bankman-Fried parts ways with his previous attorneys, Christian Everdell and Mark Cohen.

Complexities in Cryptocurrency Legal Landscape

The presence of Bankman-Fried in court marks a rare public appearance since his conviction, as he has largely remained out of the media spotlight during his incarceration. Concerns over the conflict of interest emerged due to previous business ties between FTX, Alameda Research, and Celsius Networks.

Both Bankman-Fried and Mashinsky have expressed no objections to their shared legal representation, indicating a unified front in their legal battles.

The next milestone in Bankman-Fried’s legal saga is his sentencing hearing scheduled for March 28, presided over by Judge Kaplan, which will determine the consequences of his conviction on seven counts of fraud and conspiracy.

The transition in SBF trial lawyer representation signifies a strategic maneuver as Bankman-Fried navigates the complexities of his legal predicament amid ongoing scrutiny within the cryptocurrency industry.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.