Sam Bankman-Fried, crypto firm FTX’s founder, has been found guilty by a jury on every one of the seven counts of money laundering, fraud and conspiracy following over fourteen days of testimony in one of the most prominent monetary fraud cases in years.
The indictment of the 31-year-old, formerly a crypto billionaire, equals a sentence of 20 years in jail for each of the mentioned charges, implying that he faces up to 115 years in prison.
He was likewise indicted for conspiracy to commit securities fraud and conspiracy to commit commodities, which each convey a five-year maximum sentence.
U.S. attorney for the Southern District of New York, Damian Williams, said Bankman-Fried executed a historic ”multi-billion dollar scheme’ in an attempt to become crypto’s finest. Said Williams in a press briefing subsequent to the verdict. Williams also commented that though the crypto industry is fairly ”new”, this kind of ”scheme” is ”old” and there will be no ”patience” for it.
Bankman-Fried, an MIT graduate, enduringly kept up with his innocence since his capture before the end of last year after the alarming collapse and bankruptcy of FTX, the crypto trade he helped to establish.
Mark S. Cohen, a lawyer for Bankman-Fried, stated in a briefing that they are extremely frustrated with the outcome but ”respect” the decision by the jury. He also commented that Mr. Bankman-Fried keeps up with his blamelessness and will proceed to battle the charges against him ”vigorously.”
Bankman-Fried was sued for utilizing a portion of FTX wallet monies to purchase land, make political donations and make donations to charities, among the many different dealings Bankman-Fried was involved in that were unrelated to FTX’s primary business of facilitating the digital currency trade.
Lewis Kaplan, U.S. District Judge, set March 28th, 2024, for the sentencing of Bankman-Fried.
Image is licensed under the Creative Commons Attribution 3.0 Unported license and was created by MIT Bitcoin Club.
