Defense lawyers may argue that because the sector is relatively new and questions about how it will be regulated are still being worked out, their clients were not clear on how laws crafted for traditional finance applied to them.
December 15, 2022 | 1:36 pm
Now, with the fraud charges filed earlier this week against Sam Bankman-Fried, the founder of the bankrupt FTX exchange, Mr. Williams has further solidified his office’s growing role in prosecuting financial crimes involving cryptocurrency, according to interviews with a half-dozen former prosecutors.
Mr. Bankman-Fried, 30, has acknowledged risk management failures at FTX but said he does not believe he has criminal liability. His lawyer said he is evaluating his legal options. On Tuesday, a judge in The Bahamas ordered him detained there while he contests a US extradition request. Mr. Williams was a prosecutor on several high-profile financial crimes cases during Mr. Bharara’s tenure, including the insider trading conviction of former Goldman Sachs board member Rajat Gupta and the fraud conviction of a former portfolio manager at Visium Asset Management LP.
In one setback for prosecutors, three former founders of crypto exchange Bitmex and its first employee — who pleaded guilty to charges brought by Mr. Williams’ predecessor of failing to establish an anti-money laundering program — earlier this year received lighter sentences than prosecutors requested.
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