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“If you make this into a movie, no one will believe you.” David Boyes Last week marveled at the collapse of FTX, Sam Bankman-Fried before boarding his 184-foot yacht en route to St. Barths. “It would be interesting to remove three zeros from what happened.” Boies, the ubiquitous lawyer who represented Elizabeth Holmes, Al Gore, Harvey Weinsteinand victims of Jeffrey Epstein, should know. After all, he executive-produced his 15 films. (He also noted that the current Wapo CEO Fred Ryan As my partner in a nasty bygone DC media exit that went nowhere Dylan Byers Recently reported.) The SBF saga, he told me, was one of the most compelling cases of his career.
The Boys, now 81, needed a short vacation. His caseload includes hunting down his Google on the front lines of privacy and antitrust. It’s a deliciously juicy battle that’s causing havoc in the financial world (more on that later), on behalf of the Italian luxury heiress, and perhaps most surprisingly, the cryptocurrency industry. .
Getting money back from a company or executive on the brink of bankruptcy is no easy task.Wall Street Traders Are Increasingly Optimistic They Can Recover Some Money From FTX After CEO John J. Ray IIIBankruptcy lawyers have raised the possibility of reopening cryptocurrency exchanges.But these rescue efforts can take time Year— just listen Irving Picardwho keeps looking for Bernie Madoffstolen money. And litigants like Boies typically have to wait at the back of the line behind investors, creditors, and the Federal Reserve in chaotic criminal cases like this.
Of course, Boies is no waiter.Instead, he has pursued aggressive legal strategies that take vastly different routes toward money. Tom Brady, Larry David, Gisele Bundchen, Stephen Curry and other celebrities use their fame to lure consumers into opening FTX accounts. As I wrote earlier, I wonder if even the best lawyers can convince jurors that these stars should have known what Bankman-Fried was going to do. Skeptical. But the Boys are unfazed. As he told me over the phone, he recently sent a subpoena to Brady to sit down for a deposition.
Referring to what’s happening to FTX and SBF in other courts, Boies said of the potential freeze on his own case, he said he was “walking a fine line to avoid bankruptcy and criminal prosecution.” I admit that there is. But he argues that cryptocurrency fraud would be a very good vehicle for a class action lawsuit. “Welfare has been lost. Individually, we do not support litigation, but together…”
I hear Boyes, but I suspect he’s headed for choppy waters. That’s partly because I’ve also been paying close attention to his parallel lawsuits. Mark Cubanalready in big trouble.
David Boyes vs Mark Cuban
One of the first dominoes to collapse in the cryptocurrency industry was Voyager, a brokerage firm that posted incredible double-digit revenues and attracted millions of customers. Of course, that’s too good to be true. Currently, about $5 billion in customer deposits are at risk, and Boies is under attack and has been likened to a Ponzi scheme.
One of his targets is the Cuban, who announced a sponsorship deal in October 2021, making Voyager the official cryptocurrency partner of the Dallas Mavericks. The complaint, filed in Florida federal court, alleges that Cuban violated various state laws and encouraged and facilitated fraud by helping hawk unregistered securities. is scheduled to be dismissed.
Interestingly, the lawsuit was originally aimed at Cubans When Voyager CEO Stephen Ehrlichbut Ehrlich was ruled out of the case when it became clear that pursuing him would cause delays thanks to Voyager’s automatic bankruptcy stay, which suspended the case. Boyes is still trying, as part of dispose Because of Ehrlich, Ehrlich filed a new lawsuit a few days ago in Connecticut to destroy the subpoena. (Don’t be surprised if Boyes pursues a similar strategy to dispose of SBF in the Tom Brady case.)
As for Cuban, his lawyers have attacked the Boyes-led lawsuit as a “straightforward strike lawsuit.” This is useless garbage to force the annoying saving paymentAnd they challenge the jurisdictional grounds that dragged the famous Texas billionaire into a Florida courtroom.
This is where the case becomes interesting and perhaps strategically obvious. Cuban, on the other hand, claims to have little contact with Florida. That is, except he owns two expensive vacation condos in Miami and attends his game away for the Mavericks. But he may have exaggerated things.After declaring under oath that Voyager did nothing involving Voyager in the state, Boaz’s team said Cuban was a keynote speaker at last year’s cryptocurrency conference in Miami, with Ehrlich. Now they suggest that the Cuban committed perjury, and the magistrate ordered the Cuban to testify in a deposition about his ties to Florida. agreed to enforce [Voyager] A customer from a few months ago. i like to use it ”
On the other hand, who are the actual plaintiffs in this lawsuit? Mr. Boyes originally named 12 Voyager account holders, but only 3 of them are Florida residents and 1 opened an account. turned out to be only rear Cuban pitched the Voyager during its sponsorship announcement. Additionally, court documents show that the man is a felon with a history of his third-degree financial fraud and is now looking to remove himself from the case with a cancer diagnosis.
Boies’ team hopes to find two alternatives and amend the lawsuit to include new federal claims that may alleviate some of the jurisdictional issues, but that’s another ambiguous one. cause problems. Discovery will continue until defendant’s motion to dismiss is determined. So, with Cuban’s deposition just days away, his attorneys for Brown Rudnick and Fowler White are trying to pressure Boyes by forcing him to choose between a good client and an immediate discovery.
Maybe the Boys are Brady or Shaquille O’Neal For FTX approval. Obviously he’s throwing in a very tight window and it’s only in the first quarter. The difficult task of convincing the judge and jury that Pitchman was knowingly involved in the conspiracy still awaits.
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