Former FTX chief government officer Sam Bankman-Fried has reportedly employed Mark Cohen, a former federal prosecutor, to behave as his protection lawyer.
In line with a Dec. 6 report from Reuters, Bankman-Fried’s spokesperson Mark Botnick stated the previous FTX CEO has retained Cohen amid a flurry of civil litigation from buyers within the crypto change and investigations by lawmakers and regulators in the US. Cohen, a co-founder of legislation agency Cohen & Gresser, was a former assistant U.S. lawyer for the Japanese District of New York who additionally on the protection workforce for the high-profile case involving Ghislaine Maxwell — sentenced to twenty years in jail for little one intercourse trafficking and associated costs.
Lawmakers with the U.S. Senate and Home of Representatives have introduced separate hearings to research the collapse of FTX and the potential affect on buyers and conventional markets. Management with the Home Monetary Companies Committee has known as on Bankman-Fried to talk at a listening to on FTX on Dec. 13, however the former CEO advised he would solely testify after “studying and reviewing what occurred.” It’s unclear whether or not he would communicate in particular person or remotely from the Bahamas.
FTX Group filed for chapter beneath Chapter 11 within the District of Delaware on Nov. 11, following a reported “liquidity crunch” through which the agency claimed billions in leverage making it unable to satisfy person withdrawal calls for. Filings in chapter court docket advised FTX could possibly be accountable to greater than 1 million collectors.
Associated: Texas enforcers need Sam Bankman-Fried to attend the listening to in February
Bankman-Fried has made appearances on a number of media retailers and spoken to reporters many occasions following FTX’s collapse, regardless of criticism from many within the crypto area. The previous FTX CEO has repeatedly apologized for his function within the change’s downfall and stated he deliberate to “make it up” to affected workforce members, however didn’t provide a concrete plan to make buyers entire. John Ray grew to become the change’s CEO in November.
