A Jury has found FTX Founder Sam Bankman-Fried, Guilty on All Charges in His Federal Fraud and Conspiracy Trial. The Jury deliberated for a little over Four hours before reaching a Verdict on Thursday. "We will have decorum in the courtroom when the verdict is announced," Judge Lewis Kaplan said before the Reading.
Bankman-Fried was Charged with Seven Counts of Fraud, Conspiracy, and Money Laundering, in what Federal Prosecutors have described as "one of the biggest financial frauds in American history." He was accused of using Customer Deposits on the Crypto Trading Platform FTX, to cover Losses at His Hedge Fund, Pay off Loans, and buy lavish Real Estate, among other Personal Expenses.
He pleaded Not Guilty to All Counts. With the Conviction on All Charges, He could face a Sentence of up to 110 years in Prison. His sentencing was scheduled for March 28th, 2024.
U.S. Attorney Damian Williams said the Verdict sends a Message "to every single fraudster out there who thinks that they’re untouchable."
"Those folks should think again. And if they don’t I promise we’ll have enough handcuffs for all of them," Williams said.
Judge Kaplan said a Second Trial of Counts that had been severed is currently scheduled for March 11th, 2024. "I would tell the government to let me know by Feb. 1 whether that's going to proceed," the Judge said.
U.S. Attorney Damian Williams said the Verdict sends a message "to every single fraudster out there who thinks that they’re untouchable."
"Those folks should think again. And if they don’t I promise we’ll have enough handcuffs for all of them," Williams said.
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