Ex-cryptocurrency guru Sam Bankman-Fried found guilty of fraud in major trial involving the bankruptcy of FTX.
It has now been several weeks since the trial of the boss of FTX, the world’s second largest cryptocurrency platform before its sudden collapse a year ago, was held in New York. Sam Bankman-Fried had to answer to several counts of fraud, facing not only the public prosecutor, but also his former colleagues. And the long-awaited verdict has finally been delivered. SBF could spend many, many years behind bars.
Guilty of seven counts
The jury did not need to deliberate very long. After just a few hours alone, the jurors agreed on the very simple verdict. Sam Bankman-Fried was convicted of fraud, conspiracy to commit various types of fraud and conspiracy to commit money laundering.
He was thus found guilty of all seven counts brought against him. “ Sam Bankman-Fried Perpetrated One of the Largest Financial Frauds in U.S. History, a Multibillion-Dollar Scheme Meant to Make Him the King of Cryptocurrency » Prosecutor Damian Williams said in a statement.
A damning trial
Even beyond his actions, SBF’s personality was harshly attacked during the trial. “ He knew it was wrong. He did it anyway, because he thought he was smarter and better and could get away with it. » noted assistant prosecutor Nicolas Roos. Damian Williams summarized the case by explaining that “ this case has always been about lying, cheating and stealing, and we have no patience for that “.
Sam Bankman-Fried throughout the discussions proclaimed his innocence, while recognizing the gigantic impact of the collapse of FTX on the lives of many people. The sentencing will take place on March 28, 2024. The ex-billionaire risks a total of up to 110 years in prison. According to his lawyer, he reserves the right to appeal.
Source : Mashable, Digitaltrends
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