The Former FTX CEO, Sam Bankman-Fried, Found Guilty on All Charges
The month-long trial of Sam Bankman-Fried, the former CEO of FTX, concluded on Thursday with a guilty verdict on all seven charges. The charges include conspiracy to launder money and wire fraud. US District Judge Lewis Kaplan has scheduled a sentence hearing for March 28th, 2024. After four hours of jury deliberation, the verdict was reached, ending a highly publicized court proceeding that featured compelling testimony from Bankman-Fried and his associates.
SAM BANKMAN FRIED IS GUILTY ON ALL COUNTS!!! https://t.co/0CkDs6WzHg pic.twitter.com/c7XdrDV7co
— Coffeezilla (@coffeebreak_YT) November 2, 2023
Let’s see what is happening lately.
SBF Will Go 115 Years in Prison?
Prosecutors accused Bankman-Fried of defrauding FTX customers and using their funds illegally to finance his extravagant lifestyle. The charges also include conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors. Bankman-Fried and his parents, Joe Bankman and Barbara Fried, were emotional during the announcement of the verdict. Bankman-Fried looked disappointed and stood with his head lowered while his lawyer spoke to him.
NEW: FTX fraudster Sam Bankman-Fried is facing 100+ years in federal prison after he was found guilty of all charges brought forward by the DOJ.
However, what remains unclear is whether action will be taken by the DOJ to investigate the over $70 million dollars SBF donated to… pic.twitter.com/ErIM0fgpH3
— Collin Rugg (@CollinRugg) November 3, 2023
His parents observed from a few steps behind, and SBF glanced back at them with a grin as he was led out of the court. Joe Bankman put his arm around his emotional wife, Barbara.
Reaction to the Verdict
Damian Williams, U.S. attorney for the Southern District of New York, described Sam Bankman-Fried as perpetrating one of the biggest financial frauds in American history. Williams emphasized that corruption in the cryptocurrency industry is not new and should not be tolerated. Attorney General Merrick Garland stated that Bankman-Fried’s conviction sends a clear message that no one is above the law. Bankman-Fried’s attorney, Mark Cohen, expressed disappointment with the verdict and maintained his client’s innocence.
SBF, Sam Bankman-Fried has been found guilty.
However around 40% of CONGRESS(!!!) received donations from SBF and FTX that were mixed user funds!
Only a few politicians returned or donated the funds.
Here is the full list of everyone who has received funds from FTX and Sam. pic.twitter.com/2KWysjLEdP— unusual_whales (@unusual_whales) November 3, 2023
SBF Maintains Not Guilty
Bankman-Fried pleaded not guilty to the charges and continued to maintain his innocence throughout the trial. Former FTX executives testified about Bankman-Fried’s role in the collapse of FTX, but he claimed that he only discovered in 2020 that Alameda was holding FTX customer funds. He also failed to take any action after learning about the $8 billion hole in FTX’s balance sheet. The trial marked the end of a year-long journey for Bankman-Fried, who went from being a billionaire living in luxury to facing one of the most significant white-collar crime cases since Bernie Madoff’s Ponzi scheme.
Hot Take: Sam Bankman-Fried Found Guilty on All Charges
The former FTX CEO, Sam Bankman-Fried, has been found guilty of all charges, including conspiracy to launder money and wire fraud. The verdict was reached after a month-long trial and four hours of jury deliberation. Bankman-Fried may face decades in jail and is scheduled for sentencing in March 2024. The prosecution accused him of defrauding FTX customers and using their funds for personal gain. The verdict has sparked strong reactions from legal authorities and the public, with many emphasizing the importance of accountability in the cryptocurrency industry. Despite maintaining his innocence, Bankman-Fried’s conviction marks a significant blow to his reputation as a prominent figure in the crypto world.
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