Guilty ! The jury in the trial of Sam Bankman-Fried did not do him any favors: the founder of the FTX exchange was found guilty of the seven charges which were at the heart of his trial. He now faces a sentence that could reach up to 115 years in prison.
Sam Bankman-Fried was unable to convince the jury in the trial which pitted him against the American government. The 31-year-old founder of FTX was found guilty of fraud and money laundering, which will earn him a prison sentence of up to 115 years. Judge Lewis Kaplan will deliver his verdict on the sentence itself on March 28.
SBF maintains his innocence
“ Sam Bankman-Fried Perpetrated One of the Largest Financial Frauds in American History », Underlined prosecutor Damian Williams. “ The cryptocurrency industry is new and players like Sam Bankman-Fried are new to the industry, this type of corruption is as old as time “, he added.
Relatives and former lieutenants of the former crypto genius paraded during the trial, testifying against him which revealed his shenanigans and his arrangements with the truth. For his part, Sam Bankman-Fried tried without convincing to place the blame on his team, only admitting to business errors. He maintains his innocence, and he will continue to fight to bring down the charges against him.
Read Crypto: Discover the secrets revealed by the trial of the founder of FTX
The jury was expected to determine the criminal intent of Sam Bankman-Fried, who misappropriated FTX client funds to purchase real estate, invest in venture capital, finance corporate sponsorships and make political donations. A second trial is scheduled for early March; the US government has until February 1 to indicate whether it wishes to continue this procedure.