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Sam Bankman-Fried, the former cryptocurrency mogul and founder of FTX, has been found guilty on seven counts of fraud-related charges in a New York court. With potential imprisonment reaching up to 110 years, his sentencing is scheduled for March 28.
Bankman-Fried, 31, was accused of orchestrating a multibillion-dollar fraud that deceived customers and investors. During the trial in the Southern District of New York, the jury reached a verdict after just four hours of deliberation, reflecting the gravity of the case against Bankman-Fried.
US Attorney Damian Williams described the fraud as a “multibillion-dollar scheme” and declared zero tolerance for such misconduct. The prosecution portrayed Bankman-Fried’s actions as self-serving, asserting that his crimes were not novel but rather traditional corruption within a modern industry context.
Bankman-Fried’s trial began on October 2, with testimonies from former associates, including his ex-girlfriend Caroline Ellison, a key business executive. The proceedings saw Bankman-Fried testify, facing cross-examination about his role and the collapse of FTX, which led to his arrest in the Bahamas in December 2022.