- After weeks of trial, Sam Bankman-Fried has been found guilty on all seven criminal counts against him.
- The seven charges have a maximum sentence of 115 years in prison.
- While other FTX executives pleaded guilty, they might not get sentenced to jail time.
Sam Bankman-Fried has been found guilty on all seven criminal counts against him. On Thursday, November 2, the jury convicted Bankman-Fried of wire fraud and conspiracy to commit wire fraud against FTX customers and Alameda lenders, conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering.
U.S. Attorney Damian Williams stated that Bankman-Fried perpetrated one of the biggest financial frauds in American history. After the jury read the verdicts, Williams claimed that while the crypto industry might be old, “this kind of corruption is old as time.” He added that the FTX case has always been about lying, cheating, and stealing.
SBF’s trial began in October, and it had the testimonials of Bankman-Fried’s former colleagues and close friends. Among the witnesses were Alameda CEO and SBF’s former girlfriend Caroline Ellison, Co-Founder of FTX Gary Wang, and FTX Engineering Chief Nishad Singh.
Their testimonials were proven to help convict SBF, as they all pleaded guilty and testified against Bankman-Fried. All three painted SBF as the mastermind behind the fraud, as they said he directed them to defraud the customers by transferring billions of dollars in FTX customer funds to Alameda.
“Sam Bankman-Fried thought that he was above the law. Today’s verdict proves he was wrong,” said Attorney General Merrick Garland. Moreover, he added that the SBF case should send a clear message to anyone who hides their crimes behind a new thing they believe no one else is smart enough to understand, stating, “The Justice Department will hold you accountable.”
Sam Bankman-Fried could be sentenced to up to 115 years in prison. Interestingly, Bloomberg claimed that Ellison, Wang, and Singh will likely get no or very little prison time. Nevertheless, if they avoid jail, the three could face other forms of punishment. Reports claimed that the government could compel them to return the money they gained from fraud and provide restitution to their victims.
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