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Steven Lee Quoted in Law360 Article on FTX Founder’s Bail Deal

Atlanta, Ga. (December 27, 2022) – Atlanta Partner Steven H. Lee was recently quoted in a Law360 article about FTX Cryptocurrency Exchange founder Sam Bankman-Fried’s $250 million bail package after appearing in a New York City federal court.  

The article, titled “Bankman-Fried Gets $250M Bail Deal In 1st SDNY Appearance,” discussed how Bankman-Fried was released on a $250 million bond only secured by his parents' home after landing in New York last week. Bankman-Fried had waived extradition proceedings in the Bahamas, where he lived and where FTX was headquartered. His two former aides, Zixiao "Gary" Wang and Caroline Ellison were each granted $250,000 bail packages after guilty pleas.  

Mr. Lee discussed how he was unsurprised that Bankman-Fried made bail in this case, even though Bankman-Fried is alleged to have fraudulently misappropriated billions of dollars in customer funds without authorization. Mr. Lee said Bankman-Friedman’s strong ties to the United States, ​lack of a prior criminal record​, and the fact that Bankman-Fried consented to be extradited from the Bahamas, all supported the argument that he is not a flight risk.  Furthermore, Mr. Lee said that​ since ​​Bankman-Fried ​no longer controls FTX and is prohibited from opening new lines of credit, it is less likely at this point that he poses a danger to the community. 

"Given SBF's substantial ties to the community, it was hard for the court, [under] these circumstances, to find that no condition or combination of conditions would reasonably assure his appearance," said Mr. Lee to Law360. 

Mr. Lee and Fort Lauderdale Partner Sean P. Shecter recently authored an Expert Analysis piece for Law360 titled, “What To Pay Attention To In FTX Fraud Probe,” which addresses the collapse of FTX Cryptocurrency Exchange, the related federal investigations and lawsuits currently surrounding the company, and recommendations concerning how crypto-based companies may avoid the same fate as FTX. 

Mr. Lee serves as vice chair of Lewis Brisbois’ Government Investigations & White Collar Defense Practice. As a former federal prosecutor, he focuses his practice on government and internal corporate investigations and complex litigation matters. 

You can read the full article here (subscription may be required).  

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