Former FTX chief government officer Sam Bankman-Fried has reportedly employed Mark Cohen, a former federal prosecutor, to behave as his protection legal professional.
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 traders within the crypto alternate and investigations by lawmakers and regulators in america. Cohen, a co-founder of legislation agency Cohen & Gresser, was a former assistant U.S. legal professional for the Japanese District of New York who additionally on the protection staff for the high-profile case involving Ghislaine Maxwell — sentenced to twenty years in jail for little one intercourse trafficking and associated prices.
Lawmakers with the U.S. Senate and Home of Representatives have introduced separate hearings to research the collapse of FTX and the potential impression on traders and conventional markets. Management with the Home Monetary Providers Committee has known as on Bankman-Fried to talk at a listening to on FTX on Dec. 13, however the former CEO prompt he would solely testify after “studying and reviewing what occurred.” It’s unclear whether or not he would communicate in individual 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” wherein the agency claimed billions in leverage making it unable to fulfill person withdrawal calls for. Filings in chapter court docket prompt 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 shops and spoken to reporters many instances following FTX’s collapse, regardless of criticism from many within the crypto area. The previous FTX CEO has repeatedly apologized for his position within the alternate’s downfall and stated he deliberate to “make it up” to affected staff members, however didn’t supply a concrete plan to make traders complete. John Ray turned the alternate’s CEO in November.
