Sean Shecter, Steven Lee Speak with Law360 on Latest FCPA Charge Filed Against FTX Founder Sam Bankman-Fried

Ft. Lauderdale, Fla./Atlanta, Ga. (March 29, 2023) – Fort Lauderdale Partner Sean P. Shecter and Atlanta Partner Steven H. Lee recently spoke with Law360 for an article titled, "Bankman-Fried Hit With FCPA Charge As Feds Drop 'Hammer,'" which discusses the most recent charge levied against FTX founder Sam Bankman-Fried under the Foreign Corrupt Practices Act (FCPA).

As the article explains, Manhattan federal prosecutors brought a new charge against Bankman-Fried this week, accusing him of paying $40 million in bribes to Chinese government officials. Bankman-Fried’s actions, according to the prosecutors, constitute conspiracy to violate the anti-bribery provisions of the FCPA. The article further explains that Bankman-Fried, whose trial is set for October, has maintained a not-guilty plea.

Mr. Shecter told Law360 that as the trial date approaches, the prosecutors’ move in adding the bribery charge elevates an already strong indictment into a knockout, or, as Mr. Shecter analogized, "from a sledgehammer to Thor's hammer." He added, "You now have a case you can take to the jury and say, 'Not only did this guy defraud investors, but he bribed Chinese officials’ . . . . From a jury's perspective, you're kind of saying, 'Wow, what did this guy not do?'"

Mr. Lee agreed, describing the FCPA charge as a "damning development" for Bankman-Fried. "It puts the entire case in a tightly-wrapped package that the jury can understand," he noted. "The government's had enough time to sort through mounds of evidence, and now we're seeing the fruits of it."

Mr. Shecter serves as co-chair of Lewis Brisbois’ Government Investigations & White Collar Defense Practice, and chair of its Supply Chain Due Diligence Practice. A former federal prosecutor, he is also a member of the firm's Complex Business & Commercial Litigation, Sustainability and Environmental, Social, and Governance (ESG) Practices. 

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

Read the full article on Law360 here (subscription may be required). 

RELATED: "Sean Shecter, Steven Lee Speak with Law360 About FTX Founder Charges," "Steven Lee, Sean Shecter Author Law360 Expert Analysis on FTX Collapse Fallout, How Crypto Companies May Avoid a Similar Fate," "Steven Lee, Sean Shecter Speak with Law360 About Bankman-Fried’s 'Nightmarish' Substack Post."

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