Brown Rudnick’s partner Hayley Lennon talks about the criminal fraud case against Sam Bankman Freed on “Making Money.”
FTX CEO John J. Ray III is representing creditors seeking billions of dollars in damages from the defunct cryptocurrency trading company, Sam on March 28, 2024 – Submitted a victim statement on behalf of creditors to Judge Lewis A. Kaplan prior to Bankman Fried’s sentencing. Bankman Freed was found guilty of seven counts of defrauding investors.
Wray didn’t mince words and poked holes in a judgment filing by Bankman Freed that claims FTX debtors made false claims. In his letter, Ray explains how the team was given a “dumpster fire” to regroup.
Read the letter from FTX CEO JOHN J. RAY III:
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In his 2022 Congressional testimony prior to Bankman Freed’s conviction, Mr. Wray revealed massive deficiencies in FTX’s corporate governance, which Bankman Freed himself oversaw, including that of sister company Alameda. – Included was the mixing of funds with research.
FTX and Sam Bankman Freed Trial: Players
John Ray speaks at a hearing of the House Financial Services Committee investigating the FTX bankruptcy on December 13, 2022 in Washington, DC. (Al Drago/via Bloomberg/Getty Images)
About the Sam Bankman Freed Judgment
Bankman Fried, whose net worth was over $20 billion before the FTX collapse, is hopeful for a recovery in Bitcoin. It rose from the $15,000 level to nearly $70,000. It’s unclear how the Bitcoin bounces will affect the severity of the penalties if more victims get their money back.
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