Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange, was found guilty of the seven charges levied against him in the explosive fraud case. According to reports, Bankman-Fried could face over 100 years in prison if federal sentencing guidelines are followed and there is still another trial to come next year.
For five weeks, Sam Bankman-Fried, 31, stood trial at the Daniel Patrick Moynihan U.S. Courthouse in Manhattan, N.Y. and this past Thursday (November 2), the co-founder of FTX and Alameda Research heard the guilty verdict on fraud, conspiracy, and money laundering charges.
As reported by The Washington Post, Bankman-Fried was found guilty of two counts of wire fraud, four counts of conspiracy to commit fraud, and one count to commit money laundering. If all sentencing guidelines are followed, Bankman-Fried faces several decades in prison. Sentencing will take place on March 28.
“We respect the jury’s decision. But we are very disappointed with the result,” defense attorney Mark Cohen shared in a statement. “Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him.”
According to prosecutors in the matter, Bankman-Fried allegedly swindled almost $10 billion from the victims of the fraud scheme as FTX was reportedly using customer contributions to fund Bankman-Fried’s lifestyle and purchases.
“The cryptocurrency industry might be new; players like Sam Bankman-Fried might be new. But this kind of fraud, this kind of corruption, is as old as time, and we have no patience for it,” U.S. Attorney Damian Williams said of the case.
Bankman-Friend is the son of Stanford University professors Joseph Bankman and Barbara Fried, both of whom attended the trial. Fried’s mother was said to be wrought with emotion after hearing the verdict against her son.
According to those who closely followed the case, the paper trail and testimony from former romantic partner and the former CEO of hedge fund Alameda Research, Caroline Ellison, along with accounts from former FTX executives, helped sink Bankman-Fried’s defense. But it appears that it was Bankman-Fried himself who didn’t fare well during intense cross-examination sessions.
Sam Bankman-Fried is due in court again on
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Photo: Michael M. Santiago / Getty
Sam Bankman-Fried Found Guilty On Fraud, Money Laundering Chargees was originally published on hiphopwired.com
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