FTX CEO John J. Ray III, who is representing the creditors seeking billions in restitution from the defunct crypto trading firm, submitted on their behalf a victims' statement to Judge Lewis A. Kaplan ahead of Sam Bankman-Fried's sentencing on March 28, 2024. Bankman-Fried was convicted on seven counts of defrauding investors. Ray did not mince words, poking holes in the sentencing submission given by Bankman-Fried in which he claimed FTX debtors made false claims.
COM During congressional testimony in 2022 ahead of Bankman-Fried's conviction, Ray revealed a massive lapse of corporate governance at FTX overseen by Bankman-Fried himself, which included the co-mingling of funds with sister company Alameda Research. FTX AND SAM BANKMAN-FRIED'S TRIAL: THE PLAYERS INSIDE SAM BANKMAN-FRIED'S SENTENCING Bankman-Fried, whose net worth was over $20 billion, before the FTX collapse, is banking on the rebound of bitcoin.
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