There were seven charges – and New York jurors found former crypto star Bankman-Fried guilty of all seven. The sentence is still pending – there is a risk of a drastic prison sentence.
Former crypto entrepreneur Sam Bankman-Fried, who was accused of fraud and money laundering, among other things, has been found guilty of all seven counts by a New York court. The verdict came after five weeks of negotiations. The jury found it proven that the 31-year-old embezzled billions of dollars in customer money out of pure greed in order to speculate and finance a lavish lifestyle.
The FTX founder had previously pleaded not guilty to two counts of fraud and five counts of conspiracy. The FTX founder’s lawyers are expected to appeal the ruling.
Sentencing is still to be announced
Bankman-Fried now faces up to 110 years in prison. The sentence will be announced at a later date. He has been in prison since August after the judge revoked his bail because the 31-year-old was said to have tampered with witnesses.
“Found him guilty,” prosecutor Danielle Sassoon told the jury. She described Bankman-Fried as a “talented, ambitious” person who “had the arrogance to believe he could get away with the fraud.” The defense said Bankman-Fried was an inexperienced young entrepreneur who acted in “good faith” and was overtaken by circumstances and the financial incompetence of close associates.