CryptoLaw founder John Deaton joins “Making Money” to discuss the case against former FTX CEO Sam Bankman-Fried.
FTX founder Sam Bankman-Fried, who remains behind bars after being convicted of fraud related to the collapse of his crypto empire, reportedly scored a new look ahead of his trial by using fish as currency.
Citing people familiar with the situation, the Wall Street Journal reported that Bankman-Fried paid a fellow inmate at the Metropolitan Detention Center in Brooklyn to cut off his signature curly curls by exchanging bags of mackerel he bought from the Commissioner of the facility had bought.
FTX founder Sam Bankman-Fried arrives at a bail hearing at Manhattan Federal Court in New York City on August 11. (Michael M. Santiago/Getty Images/Getty Images)
According to the outlet, the fish packets known as “macks” have replaced cigarettes as currency in federal prisons after officials banned smoking.
Bankman-Fried has been in custody since August after a judge revoked his bail for alleged witness tampering. He was found guilty of seven federal charges earlier this month and his sentencing is scheduled for March 28.
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Bankman-Fried made headlines at the start of the trial when he appeared in court looking put-together, wearing a cropped hood and a suit, having ditched the longer hairstyle and casual clothes he had become known for as CEO of FTX had.
In this courtroom sketch, FTX founder Sam Bankman-Fried testifies on the stand in federal court in New York City on October 30. (Jane Rosenberg)
Prosecutors accused Bankman-Fried, who founded and controlled both FTX and its sister hedge fund Alameda Research, of embezzling and embezzling billions of dollars in FTX customer deposits, misleading investors and directing other executives at his companies to do the same.
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At trial, he faced two counts of wire fraud and five counts of conspiracy. The totality of the charges carries a maximum sentence of 110 years behind bars, but the sentencing standards may be much less.
Cryptocurrency exchange FTX filed for bankruptcy in November 2022 after reports that FTX had merged assets with Alameda, leading to waves of customers withdrawing funds. Sam Bankman-Fried was indicted the next month. (Andrey Rudakov/Bloomberg via Getty Images / Getty Images)
In addition to the fraud and conspiracy charges, Bankman-Fried is accused of violating campaign finance laws by using FTX customer funds to make billions in political contributions through an illegal straw donor program and of allegedly bribing Chinese officials.
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A second criminal trial against Bankman-Fried is scheduled to begin in March. He pleaded not guilty to all charges against him.
FOX Business’ Suzanne O’Halloran contributed to this report.