Breaking: Sam Bankman-Fried Found Guilty on All Counts of Fraud
Crypto’s Biggest Drama Comes to Close
Sam Bankman-Fried was convicted on all charges in a massive fraud case where he was found guilty of misappropriating US $8 billion (AU $12.43 billion) from FTX customers, culminating in a rapid bankruptcy that nullified his US $26 billion (AU $40.41) fortune, nearly a year after the exchange’s collapse.
The 12-member jury in the Manhattan federal court only took four hours of deliberating to come to a unanimous decision. Bankman-Fried stood in silence clutching his hands as he awaited the verdict in one of the United States biggest financial crimes stories.
It took just 15 days of testimonies and several witness statements to come to the conclusion.
Verdict Comes within Hours of Closing Arguments
It was only yesterday that the closing arguments in Bankman-Fried’s trial portrayed starkly contrasting views of his role in the FTX collapse. The prosecution accused him of a deceitful pyramid scheme, noting his selective memory lapses during testimony.
He couldn’t remember a single detail. It was uncomfortable. 140 times…
Assistant U.S. Attorney Nick Roos stated for the prosecution.
The defence argued that he was a well-intentioned entrepreneur overwhelmed by the chaotic crypto market, suggesting the industry’s turmoil led to the downfall of his businesses, rather than fraudulent intent.
Sentencing Expected in March 2024
Bankman-Fried now faces up to 115 years in prison for misappropriating billions from FTX customers and deceiving lenders to Alameda Research, admitting during the trial that he knew customer funds were at risk in 2020 but failed to protect them.
Bankman-Fried’s sentencing is scheduled for March 28, 2024, with an anticipated appeal from his defence against prior trial rulings, and he faces an upcoming trial on additional charges including foreign bribery and bank fraud conspiracies.