Former crypto titan Sam Bankman-Fried had a bad day on Nov. 2, as he was found guilty on all seven charges of fraud and conspiracy. But, according to Bloomberg Law reporters Matthew Bultman and Daphne Zhang, he can probably expect more bad days to come.
Bankman-Fried will face sentencing early next year, where, Bultman reports, former federal prosecutors predict he could receive at least 20 years in prison. Another issue he could face is an inability to pay his attorneys. Zhang reports that Bankman-Fried recently dropped a suit against an insurer of his former crypto trading firm, FTX, to force it to pay his legal costs.
Zhang and Bultman join today's episode of our weekly podcast, On The Merits, to discuss what's on the horizon for Bankman-Fried and whether his case will make insurers think differently about underwriting risky companies.
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