Sam Bankman-Fried found guilty on all 7 charges in FTX fraud trial

Former FTX CEO Sam Bankman-Fried was found guilty of all seven charges by a jury in his criminal trial in New York after about four hours of deliberations.

Bankman-Fried was found guilty of two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy and one count of money laundering conspiracy.

He will return to court for sentencing by New York District Judge Lewis Kaplan on March 28, 2024. Government prosecutors will recommend a sentence but Judge Kaplan will have the final say.

Bankman-Fried’s crimes each carry a maximum sentence of between 5 and 20 years in prison with the wire fraud, wire fraud conspiracy and money laundering conspiracy carrying a maximum 20-year sentence.

In a press conference outside the court, the 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.

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Nov-3-2023 09:44:09 AM