Sam Bankman-Fried, the founder of FTX cryptocurrency exchange, has been found guilty on all charges related to the collapse of his exchange.
Prosecutors accused him of defrauding investors, customers, and lenders, misappropriating billions of dollars in customer deposits, and instructing others to do the same.
Bankman-Fried faced seven charges, including wire fraud and conspiracy, with a maximum sentence of 110 years.
Now that the second largest donor to the Democratic Party and Joe Biden has been convicted of “one of the biggest financial frauds in US history” will they provide a refund to the victims of Sam Bankman-Fried who used stolen customer funds to pay the Dems? pic.twitter.com/65SGAWU4yF
— Kim Dotcom (@KimDotcom) November 3, 2023
His defense plans to appeal the verdict, maintaining his innocence.
Bankman-Fried’s net worth reached $26 billion just before FTX declared bankruptcy.
He is also accused of violating campaign finance laws, and bribing Chinese officials.
“Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history,” U.S. Attorney for the Southern District of New York Damian Williams said. “The cryptocurrency industry might be new. The players, like Sam-Bankman-Fried, might be new. But this kind of corruption is as old as time.”
The second trial is scheduled for March 2024.
Sam Bankman-Fried on the prospect of life in prison. pic.twitter.com/ai0VaHSunx
— Tiffany Fong (@TiffanyFong_) November 3, 2023
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