Sam Bankman-Fried guilty on 7 counts of fraud and conspiracy

Sam Bankman Fried
Sam Bankman-Fried.
Cointelegraph/Wikimedia Commons

Disgraced cryptocurrency mogul Sam Bankman-Fried has been found guilty by a New York City jury on all seven charges of fraud and money laundering.

Bankman-Fried ran one of the world’s largest cryptocurrency exchanges until her venture spectacularly collapsed last year when her company FTX went bankrupt.

After a month-long trial, the jury convicted Bankman-Fried, 31, on Thursday after deliberating only a few hours. He may have to stay in jail for decades.

The court case ended nearly a year after FTX filed for bankruptcy, a dramatic end for FTX that shocked financial markets.

Prosecutors had accused Bankman-Fried of stealing $8 billion from the exchange’s clients for her own use.

“Sam Bankman-Fried committed one of the largest financial frauds in American history; “A multibillion-dollar scheme was devised to make him the king of crypto,” US lawyer Damien Williams said in a statement after the verdict.

“This case has always been about lying, cheating and stealing and we have no patience for that,” he said.

Responding to the verdict, Bankman-Fried’s attorney Mark Cohen said: “We respect the jury’s decision but we are very disappointed with the outcome.” Cohen said: “Mr. Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him.”

The sentence will be announced at a later date and Bankman-Freed can appeal the decision.

More to follow…

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