Sam Bankman-Fried found guilty in the FTX fraud case

Nov 03, 2023
The founder and former CEO of FTX, Sam Bankman-Fried, was found guilty by a jury on all 7 counts in the case of fraud against his clients, as well as guilty of money laundering.

The preliminary sentencing date for Bankman-Frida is set for March 28, 2024. The imprisoned former “king of cryptocurrencies” faces up to 115 years in prison.

U.S. Attorney Damian Williams said the former FTX CEO committed one of the largest financial frauds in U.S. history. In turn, the lawyer of the accused declared respect for the decision of the jury, but insists on the innocence of the ward and plans to appeal.

Recall that 31-year-old Bankman-Fried was arrested in December last year. Federal prosecutors have charged $8 billion in embezzlement of client funds. Bankman-Fried still pleads not guilty.

The defense of the accused insisted that the businessman was overworked and made a mistake, so did not intentionally use customer funds. Bankman-Fried admitted that there were significant omissions, but he did not deceive anyone and did not plan to steal funds.

FTX crashed almost a year ago. The executives of FTX and Alameda Research, including former CTO Gary Wang, former head of technical Department Nishad Singh and former CEO of Alameda Caroline Ellison, pleaded guilty and testified against Bankman-Fried, agreeing to cooperate with the investigation from the very beginning.