FTX Trial: Sam Bankman-Fried Found Guilty on All 7 Counts
- FTX founder Sam Bankman-Fried has been found guilty by the jury on all seven counts he was accused of.
- Bankman-Fried will be returning to court on March 28, 2024, for his official sentencing.
- The prosecutors will suggest a sentencing, but the judge will have the final say, as per the law.
- “We respect the jury’s decision. But we are very disappointed with the result,” said SBF’s attorney, Mark Cohen.
The trial of disgraced crypto entrepreneur Sam Bankman-Fried, also known as SBF in the digital asset space, came to an end after the jury found him guilty on all seven counts that the prosecutors had accused him of. Previously known as the white knight of the crypto industry, SBF’s criminal trial in New York came to an end after about four hours of deliberations.
It is crucial to note that the FTX founder was found guilty of two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy, and one count of money laundering conspiracy. However, the official sentencing by Judge Lewis Kaplan is yet to happen, and SBF will have to return to court for the same.
According to official documents, Bankman-Fried will be returning to court on March 28, 2024, for his official sentencing. The prosecutors will suggest a sentencing, but the judge will have the final say, as per the law. Each of the crimes for which the FTX founder has been found guilty carries a maximum sentence of between 5 and 20 years in prison, with wire fraud, wire fraud conspiracy, and money laundering conspiracy carrying a maximum 20-year sentence.
“We 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,” said Bankman-Fried’s attorney, Mark Cohen, in a statement.
New York Southern District United States Attorney Damian Williams called the FTX founder’s crimes “a multibillion-dollar scheme designed to make him the king of crypto” and accused him of orchestrating one of the biggest financial frauds in American history.
Interestingly, Bankman-Fried is now facing 100+ years in prison for his crimes, but it remains unclear whether action will be taken by the Department of Justice (DoJ) to investigate the over $70 million SBF donated to high-profile US politicians and superPACs over the past two years.
As reported earlier by BitcoinWisdom, the FTX founder failed to provide convincing answers to the prosecutor’s questions during his testimony on October 31. Assistant US Attorney Danielle Sassoon claimed Bankman-Fried lied to investors and users about the safety of their funds.