Sam Bankman-Fried Found Guilty of Seven Fraud Charges


After listening to the testimonies of all the witnesses who took the stand in the criminal trial of the former CEO of defunct Bahamian-headquartered cryptocurrency exchange FTX Sam Bankman-Fried, the young entrepreneur has been found guilty of seven charges. The deliberations among the jury took about four hours before they arrived at a verdict.

SBF Awaits Judge Kaplan’s Sentence 

The government prosecutors are permitted to recommend a sentence for Bankman-Fried but only the federal judge has the final say. As such, he will return to court on March 28th, 2024 to receive his sentence from New York District Judge Lewis Kaplan. 

It is not yet certain what the federal judge’s final verdict will be but it is worth noting that each crime carries as much as 5-20 years in prison. In the case of wire fraud, wire fraud conspiracy, and money laundering conspiracy, it could go as high as 20 years.

Sam Bankman-Fried Multi Billion-dollar Scheme Goes South 

Speaking at a press conference outside the courtroom, United States Attorney Damian Williams tagged 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. 

Unfortunately for SBF, it did not turn out as planned and he has now been 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.

Guilty or Not?

Bankman-Fried’s lawyer Mark Cohen expressed his disappointment at the outcome of the trial. He stated that the team respects the decision of the jury but at the same time, they maintain that the defendant is innocent of the charges, therefore, they plan to continue to vigorously fight the charges against SBF. His stance further underscores SBF’s claim that he is not guilty of the criminal charges levied against him.

On the other hand, FTX associates including Alameda Research’s former CEO Caroline Ellison, FTX co-founder Gary Wang, and former FTX engineering head Nishad Singh have accepted their fates and already pleaded guilty to all the charges levied against them. They all cooperated with the government in the criminal trial, as they willingly testified in court against the 31-year-old entrepreneur. 

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