Guilty on All Counts: Former FTX CEO Sam Bankman-Fried Faces Potential Century-Long Sentence

Guilty on All Counts: Former FTX CEO Sam Bankman-Fried Faces Potential Century-Long Sentence

Sam Bankman-Fried, the disgraced former CEO of FTX, has been convicted on all seven charges, including wire fraud, securities fraud, commodities fraud, and money laundering. The jury reached a verdict at around 7:45 p.m. (ET) on Thursday evening according to an account shared by Matthew Russell Lee from the Inner City Press.

Bankman-Fried Convicted on Multiple Charges

The ex-FTX CEO has been found guilty by a jury of his peers, according to several reports on Thursday evening. The 31-year-old Sam Bankman-Fried was charged in December 2022, about a month after the exchange collapsed. Bankman-Fried had a sweeping set of allegations, as prosecutors accused him of orchestrating an extensive plan to mismanage billions of dollars in customer deposits entrusted to FTX.

These charges also implicated him in deceiving both FTX investors and lenders, as well as those associated with Alameda Research. On Thursday, the reporter Matthew Russell Lee reported the courtroom account of the situation. “Jurors, I thank you,” the judge said. “You did what we hope all citizens do when called for service. That was your call. In just a minute I am going to discharge you. You can speak about it.”

The judge added:

If you do speak, be sensitive to the feelings of other jurors. If anyone involved in the case contacts you and you say no and they don’t take no for an answer, I will take appropriate steps if I lawfully can do so.

In the courtroom, during discussions, the defense and prosecutors engaged in a lively debate regarding the scheduling of the sentencing. While the judge proposed December 11, 2023, as the ideal date for the sentencing, the prosecution expressed a desire for additional time to prepare. A sentencing date was eventually scheduled for March 28, 2024.

Bankman-Fried is confronted with the daunting prospect of spending over a century behind bars for the convictions he has incurred. In an emailed statement to NBC, Bankman-Fried’s lawyer Mark Cohen said, “Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him.”

What do you think about Bankman-Fried being found guilty on all counts? Share your thoughts and opinions about this subject in the comments section below.




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