Richard Levin, the chair of the FinTech and Regulation Practice of Nelson Mullins, was recently quoted in an article in Forkast, “Sam Bankman-Fried could face decades in jail if convicted of law violations in FTX collapse, lawyers say.” The article discusses the founder and former chief executive officer of failed cryptocurrency exchange FTX, who could face more than two decades in prison depending on the scale of potential legal violations related to the collapse of FTX.

Levin commented, “With respect to the criminal sanctions, depending on the number of violations and the dollar value of violations, under the federal sentencing guidelines, you could be looking at potential criminal liability that could exceed 20 years of incarceration.” He added that state prosecutors are likely to bring in charges related to violations of the securities laws that are criminal, such as securities fraud. “There could also be prosecution related to wire fraud and money laundering,” said Levin. “Then you have the criminal sanctions that could be brought or the enforcement actions that could be brought by the SEC and the CFTC.”

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