A jury found Sam Bankman-Fried guilty on all charges in the FTX fraud trial.
Sam Bankman-Fried, the founder of failed cryptocurrency exchange FTX, was found guilty on all counts in his fraud trial on Thursday. A 12-person federal jury found Bankman-Fried guilty on seven criminal charges related to FTX’s stunning collapse last year.
The verdict came after a month-long trial in Manhattan federal court, where prosecutors portrayed the 30-year-old former billionaire as a lying fraudster who stole billions of dollars in FTX customer funds to cover losses at his hedge fund, Alameda Research.
Sam Bankman-Fried was convicted of wire fraud, securities fraud, conspiracy and money laundering. He faces up to 110 years in prison at his sentencing, scheduled for March 2024.
The jury deliberated for just two days before reaching a unanimous verdict on all counts. Bankman-Fried looked straight ahead and showed no reaction as the verdict was read.
The swift conviction stands in stark contrast to most complex white-collar crime cases, which often require lengthy jury deliberations. Prosecutors presented a wealth of information showing that Bankman-Fried lied to investors about FTX’s financial condition and used customer funds to make unauthorized, high-risk bets through Alameda Research. #FTX #SBF
