
<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>FTX founder Sam Bankman-Fried was convicted of multiple fraud and conspiracy charges Thursday, bringing an end to a month-long trial in which prosecutors accused Bankman-Fried of stealing and using billions of dollars from his own customers.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>Bankman-Fried, 31, was found guilty of seven counts of fraud and conspiracy and faces a maximum possible sentence of up to 110 years in prison.</p>



<p>Jurors in Manhattan federal court returned the verdict after less than five hours of deliberation.</p>



<p>Assistant U.S. Attorney Nicolas Roos said in his closing argument there was “no serious dispute” that $10 billion worth of customers’ money went missing from FTX’s crypto exchange, according to&nbsp;<a href="https://www.cnbc.com/2023/11/02/sam-bankman-fried-found-guilty-on-all-seven-criminal-fraud-counts.html" target="_blank" rel="noreferrer noopener">NBC News</a>, adding that the main issue was whether Bankman-Fried acted with criminal intent.</p>



<p>Bankman-Fried’s defense attorney, Mark Cohen, said Wednesday the prosecution was trying to paint his client as a&nbsp;<a href="https://www.axios.com/2023/11/02/sbf-ftx-trial-closing-arguments-defense" target="_blank" rel="noreferrer noopener">movie villain</a>&nbsp;and argued that Bankman-Fried’s business collapsed through no fault of his own.</p>



<h2 class="wp-block-heading" id="h-chief-critic">CHIEF CRITIC</h2>



<p>“We respect the jury’s decision. But we are very disappointed with the result,” Cohen said in a statement. “Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him.&#8221;</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>Bankman-Fried, who pleaded not guilty to all of his charges, was first charged in late 2022 with money laundering and multiple fraud counts. The charges revolved around allegations that Bankman-Fried was putting customers’ money into FTX’s sister trading firm, Alameda Research. The disgraced cryptocurrency executive resigned from FTX about a month before he was hit with the charges. At the same time, FTX filed for&nbsp;<a href="https://www.theverge.com/2022/11/11/23453164/ftx-bankruptcy-filing-sam-bankman-fried-resigns" target="_blank" rel="noreferrer noopener">Chapter 11 bankruptcy</a>&nbsp;while attempting to pay back investors, customers and creditors—a decision the exchange took after experiencing a liquidity crisis caused by a selloff of its own tokens.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/digital-assets/2023/11/02/sam-bankman-frieds-final-hours-in-court/?sh=6e810e3337f1">Sam Bankman-Fried’s Final Hours In Court</a>&nbsp;(<em>Forbes</em>)</p>



<p><a href="https://www.forbes.com/sites/tylerroush/2023/10/27/sam-bankman-fried-testifies-a-lot-of-people-got-hurt-by-ftx-as-he-denies-defrauding-customers/?sh=64b1b675720d">Sam Bankman-Fried Testifies: ‘A Lot Of People Got Hurt’ By FTX As He Denies Defrauding Customers</a> (<em>Forbes</em>)<a href="https://www.forbes.com/sites/antoniopequenoiv/"></a></p>


Tag: Sam Bankman-Fried

FORBES AFRICA SOCIAL MEDIA

Sam Bankman-Fried Found Guilty Of Fraud And Conspiracy