Disgraced former Billionaire Sam Bankman-Fried has been found guilty on all counts in his high profile fraud criminal trial in New York.
The jury found the former crypto guilty of two counts of wire fraud (misappropriating customers’ deposits) and four counts of conspiracy to commit fraud.
By being found guilty on all counts, SBF faces a maximum sentence of 115 years in prison.
#BREAKING: Sam Bankman-Fried has been found guilty on all seven counts against him. Inner City Press live tweeted it below https://t.co/SXb4Wo2UI8
— Inner City Press (@innercitypress) November 2, 2023
Axios reported:
“Sam Bankman-Fried was found guilty on all seven charges against him, including fraud on FTX customers and investors, fraud on Alameda’s lenders and conspiracy to commit money laundering, according to multiple reports.
Why it matters: SBF, one of the most high-profile names in crypto, has been convicted in one of the “biggest financial frauds in American history,” where $8 billion in customer deposits went missing from what was then the world’s third-largest crypto exchange.
- The blow-up of FTX and its sister hedge fund Alameda Research — both now in bankruptcy — was so messy, it’s been compared to Enron.
The big picture: The U.S. government presented a solid case against SBF, linking the testimonies of key insiders and company documents to prove beyond a reasonable doubt that his actions while leading the two firms were criminal, and not simply negligent.”
Read more about SBF:
