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The founder of FTX, Sam Bankman-Fried, has been found guilty on all seven counts of fraud, conspiracy, and money laundering.
The verdict was delivered almost a year after FTX declared bankruptcy, which resulted in a swift corporate meltdown and wiped out his estimated $26 billion personal fortune.
Bankman-Fried had pleaded not guilty to two counts of fraud and five counts of conspiracy.However, a jury of 12 members in Manhattan federal court found Bankman-Fried guilty on all seven counts he faced.
The trial lasted for a month, and the prosecutors argued that he stole $8 billion from the exchange’s users due to his unbridled greed.
Bankman-Fried, who used to be a cryptocurrency billionaire, has been found guilty of two counts of wire fraud conspiracy, two counts of wire fraud, and one count of conspiracy to commit money laundering. Each of these charges carries a maximum sentence of 20 years in prison. He has also been convicted of conspiracy to commit commodities fraud and conspiracy to commit securities fraud, which each carry a maximum sentence of five years.
“Sam Bankman-Fried perpetrated one of the biggest frauds in American history, a multibillion-dollar scheme designed to make him the king of crypto,” Damian Williams, the attorney for the Southern District of New York, said in a briefing. “Here’s the thing: the cryptocurrency industry might be new. The players like Sam Bankman-Fried might be new. This kind of fraud, this kind of corruption, is as old as time, and we have no patience for it.”
The sentencing hearing for Bankman-Fried has been scheduled for March 28, 2024.
Mark Cohen, the defence lawyer, expressed disappointment but respect for the jury’s decision. He affirmed that his client, Mr. Bankman-Fried, maintains his innocence and will continue to fight the charges.
Bankman-Fried launched the cryptocurrency exchange FTX in 2019, amassing a net worth exceeding $30 billion in the coming years. However, in November 2022, CoinDesk published an article revealing that Alameda Research, which had invested heavily in FTX tokens, caused a run on FTX’s assets and led to its collapse.Bankman-Fried was arrested in the Bahamas in December 2022 and extradited to the US. He was released on a $250 million bond and is currently under electronic monitoring, required to stay at his parents’ residence in Palo Alto.
FTX in November 2022 put a damper on the entire crypto industry, as the sudden demise of other major players in the industry resulted in the loss of billions of dollars in client assets.
Furthermore, the bankrupt Ex-girlfriend and former CEO of Alameda Research, Caroline Ellison, was among those who testified against him.
He is being accused of using some of the money to purchase real estate, make political donations, and finance charitable projects unrelated to FTX’s core business of facilitating digital currency trading.
The verdict was delivered almost a year after FTX declared bankruptcy, which resulted in a swift corporate meltdown and wiped out his estimated $26 billion personal fortune.
Bankman-Fried had pleaded not guilty to two counts of fraud and five counts of conspiracy.However, a jury of 12 members in Manhattan federal court found Bankman-Fried guilty on all seven counts he faced.
The trial lasted for a month, and the prosecutors argued that he stole $8 billion from the exchange’s users due to his unbridled greed.
Bankman-Fried, who used to be a cryptocurrency billionaire, has been found guilty of two counts of wire fraud conspiracy, two counts of wire fraud, and one count of conspiracy to commit money laundering. Each of these charges carries a maximum sentence of 20 years in prison. He has also been convicted of conspiracy to commit commodities fraud and conspiracy to commit securities fraud, which each carry a maximum sentence of five years.
“Sam Bankman-Fried perpetrated one of the biggest frauds in American history, a multibillion-dollar scheme designed to make him the king of crypto,” Damian Williams, the attorney for the Southern District of New York, said in a briefing. “Here’s the thing: the cryptocurrency industry might be new. The players like Sam Bankman-Fried might be new. This kind of fraud, this kind of corruption, is as old as time, and we have no patience for it.”
The sentencing hearing for Bankman-Fried has been scheduled for March 28, 2024.
Mark Cohen, the defence lawyer, expressed disappointment but respect for the jury’s decision. He affirmed that his client, Mr. Bankman-Fried, maintains his innocence and will continue to fight the charges.
Bankman-Fried launched the cryptocurrency exchange FTX in 2019, amassing a net worth exceeding $30 billion in the coming years. However, in November 2022, CoinDesk published an article revealing that Alameda Research, which had invested heavily in FTX tokens, caused a run on FTX’s assets and led to its collapse.Bankman-Fried was arrested in the Bahamas in December 2022 and extradited to the US. He was released on a $250 million bond and is currently under electronic monitoring, required to stay at his parents’ residence in Palo Alto.
FTX in November 2022 put a damper on the entire crypto industry, as the sudden demise of other major players in the industry resulted in the loss of billions of dollars in client assets.
Furthermore, the bankrupt Ex-girlfriend and former CEO of Alameda Research, Caroline Ellison, was among those who testified against him.
He is being accused of using some of the money to purchase real estate, make political donations, and finance charitable projects unrelated to FTX’s core business of facilitating digital currency trading.
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