Disgraced former billionaire Sam Bankman-Fried has been discovered responsible on all counts in his high-profile felony trial for fraud in New York.
The jury discovered the previous crypto mint responsible of two counts of financial institution fraud (embezzling buyer deposits) and 4 counts of conspiracy to commit fraud.
As a result of SBF is discovered responsible on all counts, he faces a most jail sentence of 115 years.
#BREAK: Sam Bankman-Fried has been discovered responsible of all seven costs in opposition to him. Interior Metropolis Press live-tweeted it beneath https://t.co/SXb4Wo2UI8
— Binnenstadspers (@innercitypress) November 2, 2023
Axios reported:
“Sam Bankman-Fried was discovered responsible of all seven costs in opposition to him, together with fraud in opposition to FTX prospects and buyers, fraud in opposition to Alameda lenders and conspiracy to commit cash laundering, based on a number of stories.
Why it issues: SBF, one of the high-profile names in crypto, has been convicted of one of many “largest monetary frauds in American historical past,” which noticed $8 billion in buyer deposits disappear from what was then the third-largest crypto alternate on the earth.
- The dismantling of FTX and its sister hedge fund Alameda Analysis – each now bankrupt – was so messy that it has been in comparison with Enron.
The massive imageThe U.S. authorities has introduced a strong case in opposition to SBF, linking the testimony of key insiders and firm paperwork to show past an inexpensive doubt that his actions whereas working the 2 firms had been felony, and never merely negligent.”
Learn extra about SBF:
Sam Bankman-Fried takes the stand – in a preview for the choose – Testimony is a dangerous last-ditch effort to keep away from decades-long conviction
Sam Bankman-Fried takes the stand – in a preview for the choose – Testimony is a dangerous last-ditch effort to keep away from decades-long conviction
