Sam Bankman-Fried (SBF) is finally found guilty on all charges of defrauding customers, lenders, and investors of FTX in one of the biggest financial frauds in US history.
Exactly a month after the beginning of the court trial, the FTX founder was ruled guilty by the jury on November 2, following over 5 weeks of trial, which revealed the case and uncovered the crux from a number of witness employees from FTX and the Alameda team.
Sam Bankman-Fried is convicted on seven out of seven charges, including wire fraud on FTX customers and clients, commodities fraud, securities fraud, and money laundering. These charges could put him behind bars for up to 115 years in prison.
The decision from the court came after over a year of FTX collapse and its sister firm, Alameda Research, both founded by Sam Bankman-Fried.
While the jury has made the decision, Judge Lewis Kaplan has a final say in the case. Judge Kaplan has scheduled sentencing for March 28, 2024. However, the period of five months until sentencing could allow Sam’s lawyers to appeal the jury’s decision.
In the closing statement, defense attorney Mark Cohen said, “We respect the jury’s decision, but we are very disappointed with the result.” He added, “Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him.”
New York Southern District U.S. Attorney Damian Williams called Bankman-Fried’s crimes “a multibillion-dollar scheme designed to make him the king of crypto” and one of the biggest financial frauds in American history.
