Simon Ng In a unanimous decision, Sam Bankman-Fried, once at the helm of the now-defunct cryptocurrency exchange FTX, has been found guilty on multiple counts. The verdict, delivered on a late Thursday evening at approximately 7:45 p.m. Eastern Time, included charges such as wire fraud, securities fraud, commodities fraud, and engaging in money laundering activities. The detailed account of the verdict was conveyed by Matthew Russell Lee of Inner City Press.
Conviction of Sam Bankman-Fried on All Charges
A jury has rendered a guilty verdict against Sam Bankman-Fried, as was reported on Thursday night. At age 31, Bankman-Fried faced the court following his charges in December 2022, which came in the wake of FTX’s dramatic downfall approximately one month prior. He stood accused by federal prosecutors of a broad scheme involving the misappropriation of several billions of dollars of FTX’s customer funds.
These charges further assert his role in misleading investors and lenders of FTX, along with those connected to Alameda Research. The courtroom account by Matthew Russell Lee captured the moment: “Jurors, I thank you,” stated the judge. “You have fulfilled the duty expected of all citizens when summoned for service. You have answered that call. Shortly, I will release you. You are at liberty to discuss the case.”
The judge continued with cautionary advice:
Should you choose to discuss the case, please remain considerate of your fellow jurors’ sentiments. Should any party related to the case approach you and persist after you decline to engage, notify me, and I will intervene within my legal capacity.
The discourse in the courtroom saw the defense and prosecution debate over the timing of the sentencing. The judge suggested December 11, 2023, while the prosecutors sought more time for preparation, leading to the final scheduling of sentencing for March 28, 2024.
With the convictions handed down, Bankman-Fried now faces the grim reality of potentially receiving a sentence that could extend to more than a century in prison. Mark Cohen, Bankman-Fried’s attorney, conveyed through an email to NBC that his client “Mr. Bankman Fried maintains his innocence and will continue to vigorously defend against the charges.”
We invite readers to express their views on the guilty verdict handed to Sam Bankman-Fried. Please share your insights and perspectives on this matter in the comment section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Sam Bankman-Fried verdict
What charges has Sam Bankman-Fried been found guilty of?
Sam Bankman-Fried has been found guilty on several charges, including wire fraud, securities fraud, commodities fraud, and money laundering, related to his management of cryptocurrency exchange FTX.
What was the outcome of the trial for Sam Bankman-Fried?
The outcome of the trial was that Sam Bankman-Fried was convicted on all charges brought against him. He is potentially facing a sentence that could extend to over a century in prison.
When is the sentencing for Sam Bankman-Fried scheduled?
The sentencing for Sam Bankman-Fried is scheduled for March 28, 2024.
How did the judge address the jury post-verdict in Sam Bankman-Fried’s trial?
The judge thanked the jury for their service and reminded them to be considerate of the feelings of other jurors if they chose to speak about the case. The judge also stated readiness to intervene if any party involved in the case continued to contact them against their wishes.
What is Sam Bankman-Fried’s stance following his conviction?
Sam Bankman-Fried maintains his innocence, according to a statement from his lawyer, and plans to vigorously fight the charges against him.
More about Sam Bankman-Fried verdict
- Inner City Press Coverage
- FTX Collapse Timeline
- Federal Fraud Charges Overview
- Cryptocurrency Regulation and Legal Issues
- NBC News Reporting
4 comments
wow just read the news, SBF guilty on all counts? that’s insane, knew something was fishy when FTX went down but this is big…
it’s like every time you think the financial world is getting on the right track, another one of these fraud cases pops up… when will we learn?
can’t believe SBF could be looking at 100+ yrs… seems excessive? I mean yeah he messed up but life in prison, thats a lot to process
the whole situation is a mess, really feel for the investors who lost out. shows we need better regultion in the crypto space