Former FTX CEO Sam Bankman-Fried was found guilty on all seven counts by a jury in his criminal trial in New York after about four hours of deliberations.
Bankman-Fried was found guilty of two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodity fraud conspiracy and one count of money laundering conspiracy.
He will return to court for sentencing by New York District Judge Lewis Kaplan on March 28, 2024. Government prosecutors will recommend a sentence, but Judge Kaplan will have the final say.
Each of Bankman-Fried's crimes carries a maximum sentence of between 5 and 20 years in prison, and the crimes of wire fraud, wire fraud conspiracy and money laundering conspiracy carry a maximum sentence of 20 years.
At a news conference outside the courthouse, U.S. Attorney for the Southern District of New York Damian Williams called Bankman-Fried's crimes "a multimillion-dollar scheme designed to make him the king of cryptocurrencies" and one of the largest frauds. financiers in American history.
Bankman-Fried's attorney, Mark Cohen, said in a statement: "We respect the jury's decision. But we are very disappointed with the outcome. Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him."
STATEMENT FROM THE SAM BANKMAN-FRIED TEAM -
โWe respect the jury's decision. But we are very disappointed with the result. Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him." pic.twitter.com/Q69w6nKB34
โTeddy Schleifer (@teddyschleifer) November 3, 2023
Other key FTX executives, including former Alameda CEO Caroline Ellison, FTX co-founder Gary Wang, and former FTX engineering director Nishad Singh, have pleaded guilty to several charges and I work with the goverment testify against Bankman-Fried in the five-week trial.
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Bankman-Fried had pleaded not guilty to all charges and during the trial took the stand to maintain your innocence and calling FTX's collapse in November 2022 "a series of big mistakes."
He denied any wrongdoing in FTX's relationship with Alameda and attempted to distance himself from key decisions.
fried banker blamed Wang for creating a feature that allowed Alameda to trade funds on FTX that it didn't have and claimed he was "not entirely sure what happened" to Alameda's line of credit, which ballooned to billions in the collapsing crypto market 2022.
In his testimony, he also blamed Ellison for not focusing on risk management and did not believe he defrauded FTX clients by taking more than $8 billion of their funds, but instead framed it as if Alameda was borrowing from the exchange. .
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Additional information from Ana Paula Pereira.
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