In a resounding judicial conclusion, Sam Bankman-Fried, former CEO of the collapsed cryptocurrency exchange FTX, has been found guilty on all seven criminal charges he faced, which could result in a 115-year prison sentence. The 31-year-old MIT graduate and son of Stanford scholars was convicted of an array of fraud and conspiracy offenses, including wire fraud against customers and lenders, securities and commodities fraud against investors, and money laundering.
The trial unfolded over several weeks, with pivotal testimonies from Bankman-Fried’s former colleagues who turned against him, including ex-girlfriend Caroline Ellison and FTX co-founder Gary Wang—both of whom had already pleaded guilty to related charges. Jurors deliberated swiftly, delivering their verdict after a brief evening recess following the closing arguments.
Prosecutors successfully argued that Bankman-Fried knowingly misappropriated billions in customer funds from FTX for personal and business expenses, ranging from real estate to political contributions. Assistant U.S. Attorney Nicolas Roos contended that the misuse of $10 billion in customer assets was indisputable, emphasizing Bankman-Fried’s conscious wrongdoing.
With parallels being drawn to the Theranos scandal and Elizabeth Holmes’ conviction, Bankman-Fried’s guilty verdict marks a significant milestone in the scrutiny of cryptocurrency ventures. He remains in custody, awaiting a sentencing hearing that could seal his fate for over a century behind bars.
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