FTX’s Sam Bankman-Fried won’t be jetting off to celestial realms; instead, he’s on a trajectory towards incarceration. The verdict in his federal cryptocurrency deceit lawsuit declares him guilty on every charge.
Authorities from the federal law enforcement relayed to TMZ that the New York City jury determined the now-disgraced crypto magnate guilty on all seven accusations which include fraud, money laundering, and conspiracy. This is a significant milestone in what’s considered among the most substantial financial deception cases in U.S. history.
On Thursday, the decision was made clear: Bankman-Fried was convicted on two charges of conspiracy to commit wire fraud, two separate wire fraud charges, and one count of scheming to launder money. Each of these offenses could result in a 20-year imprisonment.
Moreover, he was found guilty of conspiring to commit securities fraud and plotting commodities fraud, with each having a potential 5-year jail term.
Adding all these up, Bankman-Fried might be looking at a possible 110 years in prison.
Eyewitnesses mentioned that post the verdict, his demeanor showed evident distress, and he seemed on the brink of tears.
After the intensive trial spanning several weeks, the unanimous decision was reached by all 12 jury members to convict him on every one of the seven indictments.
To recap, Bankman-Fried had been apprehended in the Bahamas on Dec. 12, preceding the barrage of charges slapped on him by federal attorneys in New York.
Allegedly, he misappropriated billions from FTX users, channeling these funds for investments, political contributions, and the acquisition of upscale properties.
Previously recognized as one of the globe’s premier crypto platforms with a valuation hitting $30 billion, FTX later ran into financial troubles, leading to insolvency and a subsequent bankruptcy filing.
The sentencing date for Bankman-Fried is set for March 28, under the watchful eyes of Damian Williams, the U.S. Attorney for the Southern District of New York.
