In a significant development in a Manhattan federal court on Thursday, Sam Bankman-Fried, the once-prominent figure behind the FTX, has been convicted on all charges related to defrauding his customers.
The verdict was delivered swiftly, following just four hours of jury deliberation, and marked the culmination of an intensive month-long legal process. Throughout the trial, noteworthy testimonies were provided by both Bankman-Fried’s closest associates and Bankman himself, who consistently maintained his innocence.
Standing before the jury the former crypto mogul faced the consequences of seven guilty verdicts, covering offenses such as wire fraud and conspiracy to launder money. As a result of this conviction, Bankman-Fried now confronts a lengthy prison sentence. The sentencing hearing has been scheduled for March 28, 2024, under the supervision of US District Judge Lewis Kaplan.
In response to the jury’s decision, Mark Cohen, the legal representative for Bankman-Fried, expressed their disappointment in the outcome while emphasizing their client’s unwavering determination to challenge the charges. Cohen’s statement read, “We respect the jury’s decision. But we are very disappointed with the result. Mr. Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him.”
In the wake of Sam Bankman-Fried’s conviction, Manhattan’s US Attorney, Damian Williams, issued a stern warning to potential fraudsters, emphasizing the consequences that could await those who engage in fraudulent activities.
“Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history – a multibillion-dollar scheme designed to make him the King of Crypto – but while the cryptocurrency industry might be new and the players like Sam Bankman-Fried might be new, this kind of corruption is as old as time,” stated Williams.
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