Every one of the seven criminal charges against Sam Bankman-Fried was found guilty by a jury. An imprisonment term of up to 115 years is possible for the founder of FTX.
Bankman-Fried, a 31-year-old Mass Institute of Technology graduate and the son of two Stanford legal scholars, was found guilty of conspiracy to commit money laundering, conspiracy to commit securities fraud, conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit wire fraud against FTX customers and Alameda Research lenders.
To the accusations, which were all related to the demise of FTX and its sister hedge fund Alameda in the latter part of last year, he had entered a not guilty plea.
“After the judgements were read, U.S. attorney for the Southern District of New York, Damian Williams, stated in a briefing that Sam Bankman-Fried had committed one of the worst financial scams in American history.” “This kind of corruption is as old as time, even though the bitcoin business and individuals like Sam Bankman-Fried may be relatively new. We don’t tolerate lying, cheating, or theft in this case, as it has always been.
“Sam Bankman-Fried believed that he was above the law,” stated Attorney General Merrick Garland in a statement. The decision today demonstrates his error.
“Anyone who attempts to conceal their wrongdoing behind a novel concept that they believe only a select few are capable of comprehending should take note: the Department of Justice will hold them responsible.”
The written declarations of Bankman-Fried’s former boss and flatmate were compared to the testimony of her former close friends and senior lieutenants in the federal trial, which got underway in early October. The jury heard the case at approximately 3:15 p.m. ET on Thursday and rendered a quick decision before adjourning for dinner at approximately 6 p.m. ET.
Source (CNBC)
