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A jury in the US found Sam Bankman-Fried, 31, who once ran one of the world’s largest cryptocurrency exchanges, guilty of all seven counts. The jury returned its verdict on Thursday, the first day of deliberations after a month-long trial.
Exactly one year ago, the giant fraud case started. The guilty verdict came as no surprise to Bankman-Fried, a former billionaire whose trademarks are his furry head and casual clothes.
He saw himself as a victim
Bankman-Fried, also known as “SBF” on social media, has had numerous conflicts in court. Billions of customer funds were misappropriated and speculated upon. He now faces decades in prison.
Prosecutors accused him of lying to investors and lenders and stealing billions of dollars from cryptocurrency exchange FTX, leading to the stock market’s collapse. beFTX founder Sam Bankman-Fried was found guilty on all charges. They charged him with seven counts of fraud and money laundering.
Bankman-Fried pleaded not guilty, claiming he made a mistake but acted in good faith.
Confidants opposed SBF
However, the case went against him from the start when three of his former close friends and colleagues, including his ex-girlfriend Caroline Ellison (29), pleaded guilty and agreed to testify against him.
This is done in the hope of reducing their own sentences. Those who confess will be punished later.
The sentence for Bankman-Fried, who is expected to appeal the decision, is expected to be announced in the next few days. (cut)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
