Jury Convicts Bankman-Fried of All Fraud, Conspiracy Counts

FTX founder faces 115 years in prison
By Bob Cronin,  Newser Staff
Posted Nov 2, 2023 7:28 PM CDT
Jury Finds FTX Founder Guilty in Historic Fraud Case
Sam Bankman-Fried leaves Manhattan federal court in June in New York City.   (AP Photo/Bebeto Matthews, File)

Sam Bankman-Fried, whose FTX cryptocurrency exchange collapsed and cost his customers billions of their savings, was convicted Thursday on all seven criminal counts he faced in a federal fraud trial. He could be sentenced to as long as 115 years in prison, the Washington Post reports. The federal jury in New York City reached its verdict, which was read to a packed courtroom, in a few hours after a monthlong trial about what prosecutors called "one of the biggest financial frauds in American history." As he was led from the courtroom by US marshals, Bankman-Fried, 31, turned and nodded to his parents, per the New York Times.

The jury agreed with the government's accusations that FTX customers lost nearly $10 billion when the exchange misappropriated its funds. The money was spent on investments, luxury real estate, and "dark money" political donations. Bankman-Fried had contended on the stand that he never asked employees to do anything illegal. He was convicted of wire fraud on FTX customers, wire fraud on Alameda Research lenders, conspiracy to commit wire fraud on FTX customers, conspiracy to commit wire fraud on Alameda lenders, conspiracy to commit securities fraud on FTX investors, conspiracy to commit commodities fraud on FTX customers, and conspiracy to commit money laundering. Sentencing was scheduled for March 28, per the AP. (More Sam Bankman-Fried stories.)

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