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Sam Bankman - Fried , the co - laminitis and former CEO of crypto exchange FTX and trading firm Alameda Research , has been discover shamefaced on all seven counts related to hoax and money laundering .
The defendant is “ point with a widely - range dodging to defalcate billions of dollar of client pecuniary resource deposited with FTX and mislead investors and loaner to FTX and to Alameda Research , ” a going from the U.S. attorney ’s office at the Southern District of New York stated .
The decision was handed down on Thursday , conform to a five - week tribulation that dug late into how one of the biggest crypto exchanges and its sister trading caller collapse about a year ago . The U.S. Department of Justice charged 31 - year - old Bankman - Fried about 11 months ago .
The jury took about four time of day to do to a verdict on six counts refer to fraud and one count relating to money laundering .
Bankman - Fried light rapidly from the top of the crypto totem perch after a faulty Alameda balance sheet wasunveiledby CoinDesk in November 2022 , which resulted in diligence - panoptic panic and concern around FTX and its liquidity .
Asthe story unraveled , we learned that the job was much , much grown than many in the beginning remember : The executives behind the now - bankruptFTX and Alameda allegedly steal over $ 8 billion in customer cash in hand .
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In his test , Bankman - Friedtestifiedthat he did n’t defraud FTX customers or take their funds , but that Alameda “ borrowed ” money from the telephone exchange . Prosecutors argued Bankman - Friedmade false promisesand was creditworthy for the loss of million of dollars for grand of investors on FTX . They also fence he had many opportunities to come uncontaminating , but instead doubled down .
SBF said nothing and everything in his testimony , all at the same fourth dimension
The DOJ ’s December 2022indictmentstated Bankman - Fried knowingly gip FTX customers by abuse their deposits to invest in other companies and yield off lenders and expenses . After mounds of evidence and a verdict , that statement has been hold dependable by the judicature and jury .
The seven cathexis bring a full possible sentence of 115 years in prison house for the suspect .
Ex - SDNY prosecuting attorney says Caroline Ellison , Gary Wang and Nishad Singh probably wo n’t get slammer sentence
The statutory maximum sentences are bring home the bacon by The U.S. Congress as “ informational purposes only , ” as any sentencing will be determined by a justice . The defendant ’s sentencing is set for March 28 , 2024 , Judge Lewis Kaplan say on Thursday .
This clause has been update to include the sentencing date .
