Sam Bankman-Fried has been found guilty of directing a billion-dollar fraud against customers and investors at crypto exchange FTX and trading firm Alameda Research.
A jury found Bankman-Fried guilty of all seven charges against him, including bank fraud and conspiracy to commit bank fraud against FTX’s customers, bank fraud and conspiracy to commit bank fraud against Alameda’s lenders, conspiracy to commit securities fraud against its investors of FTX, conspiracy to commit commodity fraud against FTX’s customers and conspiracy to commit money laundering.
The jury took just four hours to reach a verdict.
Bankman-Fried was arrested in December following the epic collapse of his former crypto empire.
Prosecutors accused him of stealing billions of dollars in FTX customer deposits to purchase investments, loan repayments, political donations and real estate.
Former FTX chief technology officer Gary Wang, former engineering chief Nishad Singh and former Alameda CEO Caroline Ellison testified at Bankman-Fried’s trial and said they had carried out his orders.
Bankman-Fried testified that he did not knowingly defraud anyone, although he admitted there were “significant mistakes” at his companies.
“Many people were injured: customers, employees. And the company ended up in bankruptcy. I made some small mistakes and some bigger mistakes.”
The verdict is expected to take place early next year.
Bankman-Fried faces a total prison sentence of 115 years.
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Featured image: Shutterstock/arleksey