Sam Bankman-Fried has been found guilty of spearheading a billion-dollar fraud against customers and investors at the crypto exchange FTX and trading firm Alameda Research.

A jury has found Bankman-Fried guilty on all seven charges against him, including wire fraud and conspiracy to commit wire fraud against FTX’s customers, wire fraud and conspiracy to commit wire fraud against Alameda’s lenders, conspiracy to commit securities fraud against FTX’s investors, conspiracy to commit commodities fraud against FTX’s customers and conspiracy to commit money laundering.

The jury took just four hours to reach a verdict.

Bankman-Fried was arrested in December after the epic collapse of his former crypto empire.

Prosecutors accused him of stealing billions of dollars in FTX customer deposits to purchase investments, loan repayments, political donations and real estate.

Former FTX chief technology officer Gary Wang, former head of engineering Nishad Singh and former Alameda CEO Caroline Ellison testified against Bankman-Fried at the trial, saying they had carried out his orders.

Bankman-Fried testified that he did not knowingly defraud anyone, although he admitted there were “significant oversights” at his companies.

“A lot of people got hurt – customers, employees. And the company ended up in bankruptcy. I made a number of small mistakes and a number of larger mistakes.”

Sentencing is expected to take place early next year.

Bankman-Fried faces a total possible sentence of 115 years in prison.

Featured Image: Shutterstock/arleksey

The post Sam Bankman-Fried Found Guilty of Committing Billion-Dollar Fraud at FTX and Alameda Research appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ November 3, 2023 1:32 am