Fraud

Sam Bankman-Fried was found guilty on Thursday for his role in the collapse of crypto exchange FTX, CNN reported. After 15 days of testimony and about four and a half hours of deliberations, jurors returned a verdict that found him guilty on seven counts of fraud and conspiracy. Bankman-Fried looked sunken as the verdict was read out. After the jury was released, he stood, head bowed and shaking as his lawyer spoke in his ear. A few feet behind him, his parents stood watching. As Bankman-Fried was escorted out of the room, he turned back and smiled at his parents. His father, Joe Bankman, put his arm around his wife’s shoulders. As their son left the room, Barbara Fried broke down in tears. In remarks outside the courthouse, U.S. Attorney Damian Williams lauded the jury’s verdict, saying the government has “no patience” for fraud and corruption. “These players like Sam Bankman-Fried might be new, but this kind of fraud, this kind of corruption, is as old as time,” he said. But Bankman-Fried’s attorney said they were “disappointed.” The sentencing hearing date will be March 28, 2024. He faces up to 110 years in prison. Bankman-Fried was found guilty of stealing billions of dollars from accounts belonging to customers of his once-high-flying crypto exchange FTX. He was also found guilty of defrauding lenders to FTX’s sister company, hedge fund Alameda Research, which held FTX customer funds in a bank account.