Sam Bankman-Fried discovered responsible on all 7 expenses in FTX fraud trial

Former FTX CEO Sam Bankman-Fried was discovered responsible of all seven expenses by a jury in his felony trial in New York after about 4 hours of deliberations.

Bankman-Fried was discovered responsible of two counts of wire fraud, two counts of wire fraud conspiracy, one rely of securities fraud, one rely of commodities fraud conspiracy and one rely of cash laundering conspiracy.

He’ll return to court docket for sentencing by New York District Choose Lewis Kaplan on March 28, 2024. Authorities prosecutors will suggest a sentence however Choose Kaplan could have the ultimate say.

Bankman-Fried’s crimes every carry a most sentence of between 5 and 20 years in jail with the wire fraud, wire fraud conspiracy and cash laundering conspiracy carrying a most 20-year sentence.

In a press convention outdoors the court docket, the New York Southern District U.S. Legal professional Damian Williams referred to as Bankman-Fried’s crimes “a multibillion-dollar scheme designed to make him the king of crypto” and one of many largest monetary frauds in American historical past.

Bankman-Fried’s legal professional Mark Cohen mentioned in a press release: “We respect the jury’s resolution. However we’re very disillusioned with the end result. Mr. Bankman Fried maintains his innocence and can proceed to vigorously battle the fees towards him.”

STATEMENT FROM THE TEAM OF SAM BANKMAN-FRIED —

“We respect the jury’s resolution. However we’re very disillusioned with the end result. Mr. Bankman Fried maintains his innocence and can proceed to vigorously battle the fees towards him.” pic.twitter.com/Q69w6nKB34

— Teddy Schleifer (@teddyschleifer) November 3, 2023

Different key FTX executives together with former Alameda CEO Caroline Ellison, FTX co-founder Gary Wang and former FTX engineering head Nishad Singh have all pleaded responsible to numerous expenses and worked with the government to testify towards Bankman-Fried within the five-week trial.

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Bankman-Fried had pleaded not responsible to all expenses and through his trial, he took the stand to maintain his innocence and mark up FTX’s November 2022 collapse as “a lot of huge errors.”

He denied any wrongdoing in FTX’s relationship with Alameda and tried to distance himself from key selections.

Bankman-Fried pinned the blame on Wang for making a operate that allowed Alameda to commerce funds on FTX that it didn’t have and claimed he “wasn’t fully positive what occurred” with Alameda’s line of credit score, which ballooned to billions within the collapsing crypto market of 2022.

In his testimony, he additionally blamed Ellison for not specializing in danger administration and didn’t imagine he defrauded FTX prospects by taking on $eight billion value of their funds as an alternative he framed it as Alameda borrowing from the alternate.

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Extra reporting by Ana Paula Pereira.