Key takeaways:
- Sam Bankman-Fried, the 31-year-old former cryptocurrency billionaire, was found guilty of seven counts of fraud, conspiracy and money laundering.
- The charges include two counts of wire fraud conspiracy, two counts of wire fraud and one count of conspiracy to commit money laundering, each carrying a maximum sentence of 20 years in prison.
- Bankman-Fried was also convicted of conspiracy to commit commodities fraud and conspiracy to commit securities fraud, which each carry a five-year maximum sentence.
A federal jury in New York City has found Sam Bankman-Fried, the 31-year-old former cryptocurrency billionaire, guilty of seven counts of fraud, conspiracy and money laundering. The charges, which include two counts of wire fraud conspiracy, two counts of wire fraud and one count of conspiracy to commit money laundering, each carry a maximum sentence of 20 years in prison.
Bankman-Fried is the co-founder of the digital currency exchange FTX, which was charged with seven counts of wire fraud, securities fraud and money laundering. Prosecutors allege that Bankman-Fried swindled customers of his digital currency exchange, FTX, and lenders to its affiliated hedge fund, Alameda Research.
The two-week trial featured testimony from both prosecutors and defense attorneys, who portrayed Bankman-Fried as a genius in cryptocurrency who perpetrated one of the biggest frauds in American history. Bankman-Fried was also convicted of conspiracy to commit commodities fraud and conspiracy to commit securities fraud, which each carry a five-year maximum sentence.
The conviction of Bankman-Fried comes a year after his exchange FTX imploded and left thousands of customers practically wiped out. The exact sentence Bankman-Fried will receive is yet to be determined, but the maximum sentence for all seven counts is up to 95 years in prison.
Be First to Comment