Sam Bankman-Fried, once a crypto billionaire, was found guilty of the FTX scam, on Friday.
Sam Bankman-Fried found guilty: Here’s everything we know
The founder of the now-defunct FTX exchange was convicted of all charges brought against him.
The charges, which included fraud and conspiracy, stem from accusations that he misappropriated billions of dollars from FTX customers.
The trial, which took place in a Manhattan federal court, lasted a month and concluded with a unanimous guilty verdict from a 12-member jury.
Prosecutors successfully argued that Bankman-Fried’s actions were driven by greed, culminating in an $8 billion fraud – one of the largest in financial history, per Reuters.
The swift judgment arrived less than a year after FTX’s bankruptcy filing, which erased Bankman-Fried’s once staggering $26 billion fortune and sent shockwaves through global financial markets.
Bankman-Fried, who had maintained his innocence while facing two counts of fraud and five counts of conspiracy, received the jury’s decision with a stoic demeanour.
A landmark victory for US Justice Department
This verdict signified a major win for the US Justice Department and Manhattan’s chief federal prosecutor, Damian Williams, who emphasised the eradication of corruption in finance as a key objective.
“The crypto industry might be new, the players like Sam Bankman-Fried may be new, but this kind of fraud is as old as time and we have no patience for it,” Williams said.
The scandal surrounding FTX’s collapse has had far-reaching implications, impacting numerous investors and shaking confidence in the crypto industry.
Bankman-Fried’s legal challenges extend beyond the fraud and conspiracy charges; he is also implicated in campaign finance violations.
Details from the US Attorney’s press conference reveal the extensive nature of the fraud, with Bankman-Fried accused of misusing “tens of millions” in funds to exert influence over policymakers across political lines.
