FTX founder Sam Bankman-Fried unanimously found guilty on all counts by a New York jury, sentencing date pending.
Sam Bankman-Fried, the founder and former CEO of FTX, was found guilty on all seven counts of fraud, conspiracy, and money laundering by a New York jury following a five-week trial. The proposed date of March 28, 2024, for the crime’s sentence has not yet been determined.
Following their unanimous guilty finding, the 12-member jury announced, “The verdict unanimous, your honour.”
FTX Found Vulnerable on Seven Charge Counts
Bankman-Fried, who was formerly seen as the “messiah” of the cryptocurrency sector, was found guilty on two counts of wire fraud, two counts of conspiracy to commit wire fraud, and one count of conspiracy to commit money laundering. The maximum punishment for each of these offences is 20 years. In addition, he was found guilty on one count of conspiracy to commit securities fraud and one count of conspiracy to commit commodities fraud, each of which carries a five-year maximum punishment.
He faces a maximum sentence of 115 years in jail.
“One of the largest financial scams in American history was carried out by Sam Bankman-Fried,” US Attorney Damian Williams declared outside the court following the guilty conviction announced by the American jury. “This type of corruption and deception dates back thousands of years. We can’t stand it anymore.”
The Bankman-Fried counsel indicated an appeal by saying, “We respect the jury’s decision.” However, we are rather dissatisfied with the outcome. Mr. Bankman Fried would not back down from his adamant defence of himself against the accusations made against him.”
A Crypto Moghul’s Decline
When his now-bankrupt exchange, FTX, was at its height of popularity, Bankman-Fried was considered one of the leading figures in the cryptocurrency space. Alameda Research, which he established prior to FTX, was another cherished part of his disintegrating cryptocurrency empire. All that, though, vanished in an instant when his dubious business tactics were exposed in November of last year.
He was charged by the prosecution with knowingly organising a scheme to embezzle around $8 billion in client cash, which he then used to purchase real estate, make political contributions, and fund personal charitable endeavours.
Bankman-Fried’s other senior partners entered guilty pleas to the allegations against them and assisted the authorities in their investigation while he was on trial for a crime. Two prominent former FTX executives, Nishad Singh and Gary Wang, as well as Caroline Ellison, the former CEO of Alameda, joined the witness stand to testify against their former boss.
