Jury convicts Sam Bankman-Fried on all charges in FTX scams trial.
Sam Bankman-Fried, creator of the stopped working crypto exchange FTX, was condemned on all counts in his scams trial on Thursday. A 12-person federal jury founded guilty Bankman-Fried on 7 criminal charges connected to FTX’s spectacular collapse in 2015.
Judge Kaplan: Madam Foreperson, I comprehend the jury has actually reached a decision. Please hand it to Andy. Thank you. The clerk will release the decision. Please increase.
Count 1: Guilty.
Count 2: Guilty.
Count 3: Guilty.
— Inner City Press (@innercitypress) November 2, 2023
The decision followed a monthlong trial in Manhattan federal court. District attorneys represented the 30-year-old previous billionaire as a lying scammer who took billions in FTX client funds to plug losses at his hedge fund, Alameda Research.
Bankman-Fried was condemned of wire scams, securities scams, conspiracy, and cash laundering. He confronts 110 years in jail at sentencing, which is arranged for March 2024.
The jury pondered for simply 2 days before reaching a consentaneous decision on all counts. Bankman-Fried looked directly ahead and revealed no response as the decision read.
The quick conviction stands in contrast to most intricate white-collar criminal offense cases, which typically include prolonged jury considerations. District attorneys provided many messages revealing Bankman-Fried lied to financiers about FTX’s monetary health and utilized client funds to make unapproved, dangerous bets through Alameda Research.
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