In the FTX fraud trial, the jury found Sam Bankman-Fried guilty on all counts.
On Thursday, a court convicted Sam Bankman-Fried, the man behind the defunct cryptocurrency exchange FTX, guilty of all fraud charges. A federal jury of 12 found Bankman-Fried guilty on seven felony counts linked to last year’s shocking collapse of FTX.
The trial lasted for a month in federal court in Manhattan before a verdict was reached. The former millionaire, now 30 years old, was painted by prosecutors as a dishonest con artist who stole billions of dollars from FTX customers to cover losses at his hedge fund, Alameda Research.
Bankman-Fried was held responsible for many fraudulent activities including wire fraud, securities fraud, conspiracy, and money laundering. At his sentencing in March of 2024, he may get a sentence of up to 110 years in jail.
The jury deliberated for barely two days before delivering a unanimous decision on all charges. As the judgment was read, Bankman-Fried looked blankly ahead.
The speed with which the conviction was reached is in stark contrast to the protracted debates that often accompany complicated instances of white-collar crime. Numerous e-mails and other communications were provided by prosecutors as evidence that Bankman-Fried misled investors about FTX’s financial condition and illegally gambled with client funds via Alameda Research.
Also Read: The Chinese Police Have Uncovered A Cryptocurrency Scam Worth $300 Million
Wallets