Sam Bankman-Fried is Found Guilty
A jury yesterday convicted FTX founder Sam Bankman-Fried of all criminal charges.
The jury reached its verdict after deliberating for four hours. Judge Lewis Kaplan of the Southern District of New York will render the final verdict on March 28, 2024.
SBF has been found guilty on all seven counts, including fraud and conspiracy.
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Each count carries a maximum penalty of 5 to 20 years in prison. In total, Bankman-Fried faces up to 115 years in prison.
SBF’s parents, Joseph Bankman and Barbara Freed, allegedly played a key role in turning their son from a nerd into a well-connected crypto mogul.
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Bankman-Fried’s legal team has said it respects the jury’s decision.
Damian Williams, US Attorney for the Southern District of New York, has said during a post-hearing press conference that the FTX founder “perpetrated one of the biggest financial frauds in American history.”