Sam Bankman Fried – FTX founder – credit: Alamy
At his trialon founder and ex-CEO of FTX has been recognized guilty from 7 counts fraud and money laundering. Sam Bankman-Fried risks a very heavy prison sentence.
In the context of the Sam Bankman-Fried On Thursday evening, the jury found the former cryptocurrency star guilty of various frauds and money laundering. The founder of FTXwho pleaded not guilty to all 7 charges, was convicted by the dozen or so jurors.
The jury’s decision comes some 1 month after the opening of his trial and just over a year after the rout of his empire, which had lifted the veil on the misappropriation of billions of dollars in customer funds from the cryptocurrency exchange platform to the group’s hedge fund, Alameda Research.
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During the trial, former FTX executives and those close to SBF, who quickly admitted their guilt, spoke out. Caroline Ellison, his ex-girlfriend and director of Alameda, Gary Wang, the co-founder of FTX, and Nishad Singh, the exchange’s head of engineering, all charged and blamed their ex-boss, who for his part denied any fraud.
Sam Bankman-Fried perpetrated one of the greatest financial frauds in American history. This kind of fraud, this kind of corruption is as old as time. We have no patience for it,” commented U.S. Attorney Damian Williams.
The 31-year-old defendant did not react following the announcement of the verdict. His lawyer Mark Cohen said he was “very disappointed with the outcome”. “Mr. Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him,” he added.
The FTX creator, who plans to appeal the decision, is expected to be sentenced on March 28, 2024 to a prison sentence. According to legal experts, SBF faces up to 115 years in prison. Also charged with witness tampering, he had already been behind bars since the summer, when his parole was revoked.
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