The New York State Bar Association has spoken! An April report by its esteemed Task Force examines the legal, social, and ethical impact of AI on the legal profession, as well as how the new guidelines will impact businesses everywhere. In this episode, we interview one of the 16 members of the AI Task Force about his first-hand experience at the helm of developing this new frontier. Jonathan Armstrong is a Partner at Punter Southall Law in London, where his focus on compliance and technology positions him as one of the most influential figures in fintech, AI, and data security across the globe. Join us as Jonathan offers insights into the necessity of a global approach to combat the problem of AI-driven territory seizing and weighs in on different principles underpinning new laws. We discuss data training, what needs to happen to make data more trustworthy, liability exposure, why opting out of AI is not an option, and much more. Be sure to tune in to hear Jonathan’s answers to many of the most pertinent questions in the legal world today!

Key Points From This Episode:

• The recent NYSBA report on the impact of AI on the legal profession.
• Jonathan’s path to combining his dual passions for law and technology.
• His course on international compliance at Fordham Law.
• How Jonathan was chosen to sit on the AI Task Force.
• The issue of AI seizing territory and the necessity of having a global approach.
• Categorizing the principles beneath new laws.
• Inaccuracy in AI and its impact on access to justice.
• Challenges associated with which data AI should be trained on.
• What needs to happen to be able to trust the data produced by AI.
• Responsible use of AI in legal practice.
• Jonathan’s insights on liability exposure for AI with reference to corporate boards.
• Risk analyses that should be prioritized by corporate boards.
• Why opting out of AI is not a realistic option.
• Developing the skills necessary to establish your value as a young lawyer.
• What you need to know about the EU-required “Fundamental Rights Impact Assessments.”
• Identifying and remediating the risks of AI mediation.
• Testing AI integrations according to core values to set appropriate foundations.

Links Mentioned in Today’s Episode:

Jonathan Armstrong

Jonathan Armstrong on LinkedIn

Report and Recommendations of the New York State Bar Association Task Force on Artificial Intelligence

Punter Southall Law

Task Force on Artificial Intelligence

Vivian Wesson on LinkedIn

Fordham University School of Law Corporate Law Center

Today, we delve into the captivating world of white-collar crime to pose a question that almost no one is asking. This is not your typical true crime story, but rather one individual’s staggering fall from the C-suite to a prison cell. In this episode, we explore the best ways to punish white-collar crimes and debate whether or not jail is an appropriate or effective solution. Here to contribute his expertise is Fordham Law Professor and resident corporate law expert, Richard Squire. He joins us to share his perspective on the high-profile case of FTX founder Sam Bankman-Fried, who was once lauded as a genius and a leader in the world of cryptocurrency, before being sentenced to 25 years in prison for defrauding customers and investors. Tune in to discover if the criminal justice system's four purposes are met by imprisoning white-collar criminals, the impact of reputational damage, potential alternatives to jail time, and insights into the sometimes severe penalties for insider trading. You’ll also learn about the political incentives for prosecuting white-collar crimes, particularly in emerging industries like crypto, and the conflicts of interest that lawyers should be aware of in these cases. This thought-provoking conversation is packed with valuable insights into corporate law and the ethical challenges of the business world, so be sure not to miss it!

Key Points From This Episode:

• Examples and statistics of the type of white-collar crimes we discuss in this episode.
• An exploration of the best ways to punish those who commit financial crimes.
• The case of Sam Bankman-Fried (SBF) and FTX: a quick refresher on the details.
• Four purposes of the criminal justice system and whether they apply to SBF’s case.
• What constitutes “deliberate intent to deceive” in a fraud case; why it’s so difficult to prove.
• The strength of the case against SBF and questions regarding his long jail sentence.
• Details of the bankruptcy proceedings amidst SBF's legal battles: how this impacted their legal strategy and public perception of accountability.
• Whether or not imprisoning white-collar criminals serves the purposes of criminal justice.
• Pros and cons of the incapacitation that accompanies a prison sentence.
• Political motivations for prosecuting white-collar crimes, like insider trading, especially in emerging industries like cryptocurrency.
• A definition of insider trading and some better-known examples of it.
• Punishment for insider trading: is jail time appropriate or necessary?
• How wealth and public perception contribute to the severity with which a white-collar criminal is punished.
• Alternatives for punishing financial crimes, and when jail time is appropriate.

Links Mentioned in Today’s Episode:

Richard Squire

Richard Squire on LinkedIn

United States v. Samuel Bankman-Fried

United States v. Matthew Kluger

Raj Rajaratnam Insider Trading Conviction

'Inside Insider Trading with Stephen Fishbein'

Amy Martella

Fordham University School of Law Corporate Law Center

Dig in to the most compelling business law issues of the moment with host Amy Martella, the Executive Director of the Corporate Law Center at Fordham University School of Law. Bite-Sized Business Law tackles big issues in small doses through interviews with corporate attorneys, industry experts, public figures, and business law scholars. Stay informed and gain deeper understanding with invaluable insight on everything from financial meltdowns to emerging market trends. No issue is too big for Bite-Sized Business Law.