November 3, 2023

Ex-FTX Leader Sam Bankman-Fried Found Guilty of Fraud

FTX founder Sam Bankman-Fried was found guilty of fraud on Thursday related to the sudden downfall of his cryptocurrency company.

The New York jury agreed that Bankman-Fried defrauded investors and customers in charges that could include decades behind bars.

"In the trial, he faced seven charges: Two counts of wire fraud and five conspiracy counts. The charges combined amount to a maximum sentence of 110 years behind bars. Judge Lewis Kaplan, who presided over the trial, set a sentencing hearing for the morning of March 28," Fox Business reported.

"Bankman-Fried's counsel Mark Cohen said in a statement after the conviction was announced that the defense is 'very disappointed in the result' and signaled that they will likely appeal the verdict, adding that 'Mr. Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him,'" it added.

"The saga of FTX and its sudden demise captured attention due to the relationship of its founder, Bankman-Fried, with Democrat politicians and causes," the Post Millennial reported.

"He was a major donor to Dems during the 2021-22 election season, and was the second highest donor behind George Soros, giving nearly $40 million to Democrat politicians. He also gave to some select Republican candidates," it continued.

Key to the guilty verdict was the involvement of several people close to Bankman-Fried who testified against him. This included his ex-girlfriend Caroline Ellison and FTX co-founder Gary Wang.

Bankman-Fried also testified during the trial, claiming that he was innocent of the charges despite mistakes he had made at FTX.

A second trial is set for March of next year. Bankman-Fried has pleaded not guilty to all charges in the second case as well.

For now, the guilty verdict shows that the evidence against him was sufficient for the jury to make a swift decision in the case of the FTX co-founder.

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