Louis Freeh, an honourable partner to the Freeh, Sporkin and Sullivan (FSS) law firm, provides a detailed account on his recent Tether investigation. Also, he speaks about his future expectations from the ‘crypto-industry’.
The firm, FSS provides value-added legal services to tier-one corporations, individuals, and law firms on matters, domestic and international. In a recent interview with Yahoo! Finance, Louis Freeh and his son Justin, who is well associated with the firm and also works for it, talked about the remarkable investigation describing it as a ‘shock inspection’.
Freeh says that it never felt as an audit, rather, it was an ‘examination’ and a ‘due diligence’. He highlights the fact that even when the day of inspection was unknown to the client and to the banks with which it deals, the information presented by them was exact and satisfactory.
He said, it was possible to “get a certified, verifiable declaration by the institutions with respect to how much cash and dollars they had on hand, on a day of our choice.”
The investigation was carried out on the 1st of June, without Tether and its associated banks having any hints. Nonetheless, FSS visited and was shocked to uncover that Tether held a sum of $2.545 billion. This sum could easily suffice the $2.538 billion Tether token in circulation, at that time.
The firm thereby assumed, without any further questions, that the information furnished by the company and the banks were ‘correct and ethical’. Also, the officials providing the confirmations were authorised to do so.
On the matters of entering particularly into the crypto-space, Freeh provides a few hints regarding a handful of ‘very well-known appointments.’ Putting it in his words, “We don’t have it formally designated, but we are in the process of actively recruiting a couple of very prominent people in that area.”
He almost agrees to the fact that the firm recognises its future prospects in the industry. He believes that the company has ‘very good expertise in-house’ and they would soon like to operate in the crypto-industry. Citing him,“We’ve opened an office in Rome; we’re in the process of opening one in London, and that will help us market this particular service.”