Bankman-Fried, who founded the FTX crypto exchange, was convicted on all seven counts against him with the jury taking less than five hours to reach their verdict. The month-long trial in Manhattan federal court had heard that Bankman-Fried looted FTX customers' money out of greed and spent the money on himself.
The verdict came just short of one year after FTX filed for bankruptcy in a swift corporate meltdown that shocked financial markets and erased his estimated $26billion personal fortune.
Bankman-Fried, who had pleaded not guilty to two counts of fraud and five counts of conspiracy, stood facing the jury with his hands clasped in front of him as the verdict was read out.
"The crypto industry might be new, the players like Sam Bankman-Fried may be new, but this kind of fraud is as old as time and we have no patience for it," chief prosecutor Damian Williams told reporters outside the courthouse afterwards.
This story is from the November 03, 2023 edition of Evening Standard.
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This story is from the November 03, 2023 edition of Evening Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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