Sam Bankman-Fried, the 31-year-old founder of FTX, has been found guilty of all seven criminal counts against him, including wire fraud, conspiracy to commit wire fraud, conspiracy to commit securities fraud, conspiracy to commit commodities fraud, and conspiracy to commit money laundering.
The charges were related to the collapse of FTX and sister hedge fund Alameda late last year. Bankman-Fried faces a maximum sentence of 115 years in prison. Despite pleading not guilty, he was convicted of perpetrating one of the largest financial frauds in American history, according to Damian Williams, U.S. Attorney for the Southern District of New York.
The trial, which began in early October, featured testimony from Bankman-Fried’s former close friends and top lieutenants who cooperated as witnesses for the prosecution. The jury swiftly returned a guilty verdict after receiving the case and breaking for dinner.
Bankman-Fried‘s parents were visibly nervous entering the courtroom, and his attorney, Mark Cohen, immediately requested jurors to be polled after the verdict. The jurors affirmed the guilty verdicts for each count. While Bankman-Fried maintains his innocence and plans to vigorously fight the charges, his sentencing is scheduled for March 28, 2023.
The government has until February 1, 2023, to decide whether to proceed with the second trial Bankman-Fried is facing on March 11, 2023. The case has been compared to that of Elizabeth Holmes, the founder of Theranos, who was convicted on four counts of defrauding investors and sentenced to more than 11 years in prison in early 2022.
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