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Sam Bankman-Fried Convicted Guilty on Seven Criminal Counts

Published 03/11/2023, 14:20
Updated 03/11/2023, 14:45
Sam Bankman-Fried Convicted Guilty on Seven Criminal Counts

Coin Edition -

  • After weeks of trial, Sam Bankman-Fried has been found guilty on all seven criminal counts against him.

  • The seven charges have a maximum sentence of 115 years in prison.

  • While other FTX executives pleaded guilty, they might not get sentenced to jail time.

Sam Bankman-Fried has been found guilty on all seven criminal counts against him. On Thursday, November 2, the jury convicted Bankman-Fried of wire fraud and conspiracy to commit wire fraud against FTX customers and Alameda lenders, conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering.

U.S. Attorney Damian Williams stated that Bankman-Fried perpetrated one of the biggest financial frauds in American history. After the jury read the verdicts, Williams claimed that while the crypto industry might be old, “this kind of corruption is old as time.” He added that the FTX case has always been about lying, cheating, and stealing.

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