XRP Attorney John Deaton has disclosed that SBF’s father was complicit in the fraudulent activities during his tenure at FTX. Amid the ongoing legal feud involving Sam Bankman-Fried and regulatory authorities, a revelation has come to light through a recent post on X. The XRP lawyer brought attention to the involvement of SBF’s father in the FTX fraud scandal.
This revelation is a response to an X user’s query regarding the potential guilt of Joseph Bankman, Sam Bankman-Fried’s father, in the fraud case. This inquiry arises in light of reports confirming SBF’s conviction on all seven counts of fraud.
Deaton firmly believes that SBF could face a substantial prison sentence, possibly up to 60 years or more. The attorney is confident that the government’s allegations of bullying SBF may ultimately have adverse consequences.
Jury Finds SBF Guilty: Is the XRP Lawyer’s Opinion Valid?
Conversely, the cryptocurrency market has celebrated the recent developments in SBF’s case. Damian Williams, the US attorney for the Southern District of New York, delivered a guilty verdict on all seven criminal counts on Thursday, November 2, 2023.
SBF has been entangled in legal battles since the FTX cryptocurrency exchange’s collapse, which not only led to losses for crypto investors but also pushed the entire cryptocurrency market into a bearish phase. Market participants have voiced their concerns and hopes for justice in this matter.
FTX founder Sam Bankman-Fried has been convicted on seven counts, including money laundering and fraud. He is now potentially facing a maximum prison term of 115 years. Attorney Williams emphasised that the lawsuit against SBF revolves around allegations of deceit, dishonesty, and theft, among other charges.
The attorney said:
“Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history. The cryptocurrency industry might be new. The players like Sam Bankman-Fried and Fried might be new. But this kind of fraud, this kind of corruption, is as old as time, and we have no patience for it.”