The post Sam Bankman-Fried found guilty on all 7 charges in FTX fraud trial appeared on BitcoinEthereumNews.com.

Former FTX CEO Sam Bankman-Fried was found guilty of all seven charges by a jury in his criminal trial in New York after about four hours of deliberations. Bankman-Fried was found guilty of two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy and one count of money laundering conspiracy. He will return to court for sentencing by New York District Judge Lewis Kaplan on March 28, 2024. Government prosecutors will recommend a sentence, but Judge Kaplan will have the final say. Bankman-Fried’s crimes each carry a maximum sentence of between five and 20 years in prison with the wire fraud, wire fraud conspiracy and money laundering conspiracy carrying a maximum 20-year sentence. In a press conference outside the court, New York Southern District U.S. Attorney Damian Williams called Bankman-Fried’s crimes “a multibillion-dollar scheme designed to make him the king of crypto” and one of the biggest financial frauds in American history. Bankman-Fried’s attorney, Mark Cohen, said in a statement: “We respect the jury’s decision. But we are very disappointed with the result. Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him.” STATEMENT FROM THE TEAM OF SAM BANKMAN-FRIED — “We respect the jury’s decision. But we are very disappointed with the result. Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him.” pic.twitter.com/Q69w6nKB34 — Teddy Schleifer (@teddyschleifer) November 3, 2023 Other key FTX executives, including former Alameda CEO Caroline Ellison, FTX co-founder Gary Wang and former FTX engineering head Nishad Singh, have all pleaded guilty to various charges and worked with the government to testify against Bankman-Fried in the five-week trial. Related: ‘Fuck regulators,’ said SBF behind closed doors: Report Bankman-Fried had pleaded not guilty…

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Filed under: News - @ November 3, 2023 10:10 pm