On November 2, 2023, Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange was found guilty of fraud and money laundering. Federal prosecutors are alleging that he defrauded FTX customers out of upwards of $8 billion. In his ongoing coverage of the case, Law360’s Phil Bantz spoke with Attorney Eugene Gorokhov regarding the sentencing implications of SBF’s conviction.
Understanding OFAC Sanctions and the Consequences of Evasion
The Office of Foreign Assets Control (OFAC) is responsible for enforcing U.S. economic and trade sanctions against individuals, businesses, and foreign entities that pose a threat to national security or violate U.S. laws. Sanctions are designed to restrict financial and commercial transactions with targeted parties. Federal prosecutors charge individuals and businesses based on allegations that they have