Crime
FTX founder, Sam Bankman-Fried found guilty of $8 billion fraud
FTX founder Sam Bankman-Fried has been found guilty of looting $8 billion from customers of his now-bankrupt cryptocurrency exchange.
A 12-member jury in Manhattan federal court convicted Bankman-Fried on all seven counts he faced after a monthlong trial. With this, U.S. District Judge Lewis Kaplan has set Bankman-Fried’s sentencing for March 28, 2024, and he could face decades in prison.
The verdict came about a year after FTX filed for bankruptcy in a swift corporate meltdown that shocked financial markets and erased his estimated $26 billion personal fortune.
According to a report by Reuters, the jury reached the verdict after just over four hours of deliberations.
The conviction was a victory for the U.S. Justice Department and Damian Williams, the top federal prosecutor in Manhattan, who made rooting out corruption in financial markets one of his top priorities.
Speaking to reporters outside the courthouse, Damian Williams said:
The crypto industry might be new, the players like Sam Bankman-Fried may be new, but this kind of fraud is as old as time and we have no patience for it.”
His defense lawyer Mark Cohen said in a statement that he was “disappointed” but respected the jury’s decision.
“Mr. Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him,” he said.
Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
