[ad_1]
Former FTX CEO Sam Bankman-Fried was discovered responsible of all seven prices by a jury in his prison trial in New York after about 4 hours of deliberations.
Bankman-Fried was discovered responsible of two counts of wire fraud, two counts of wire fraud conspiracy, one depend of securities fraud, one depend of commodities fraud conspiracy and one depend of cash laundering conspiracy.
He’ll return to court docket for sentencing by New York District Decide Lewis Kaplan on March 28, 2024. Authorities prosecutors will advocate a sentence however Decide Kaplan may have the ultimate say.
Bankman-Fried’s crimes every carry a most sentence of between 5 and 20 years in jail with the wire fraud, wire fraud conspiracy and cash laundering conspiracy carrying a most 20-year sentence.
In a press convention outdoors the court docket, the New York Southern District U.S. Legal professional Damian Williams referred to as Bankman-Fried’s crimes “a multibillion-dollar scheme designed to make him the king of crypto” and one of many greatest monetary frauds in American historical past.
Bankman-Fried’s lawyer Mark Cohen mentioned in a press release: “We respect the jury’s resolution. However we’re very disillusioned with the outcome. Mr. Bankman Fried maintains his innocence and can proceed to vigorously battle the costs towards him.”
STATEMENT FROM THE TEAM OF SAM BANKMAN-FRIED —
“We respect the jury’s resolution. However we’re very disillusioned with the outcome. Mr. Bankman Fried maintains his innocence and can proceed to vigorously battle the costs towards him.” pic.twitter.com/Q69w6nKB34
— Teddy Schleifer (@teddyschleifer) November 3, 2023
Different key FTX executives together with former Alameda CEO Caroline Ellison, FTX co-founder Gary Wang and former FTX engineering head Nishad Singh have all pleaded responsible to varied prices and labored with the federal government to testify towards Bankman-Fried within the five-week trial.
Associated: ‘Fuck regulators,’ mentioned SBF behind closed doorways: Report
Bankman-Fried had pleaded not responsible to all prices and through his trial, he took the stand to keep up his innocence and mark up FTX’s November 2022 collapse as “various massive errors.”
He denied any wrongdoing in FTX’s relationship with Alameda and tried to distance himself from key selections.
Bankman-Fried pinned the blame on Wang for making a operate that allowed Alameda to commerce funds on FTX that it didn’t have and claimed he “wasn’t fully positive what occurred” with Alameda’s line of credit score, which ballooned to billions within the collapsing crypto market of 2022.
In his testimony, he additionally blamed Ellison for not specializing in threat administration and didn’t consider he defrauded FTX clients by taking on $8 billion value of their funds as a substitute he framed it as Alameda borrowing from the trade.
Journal: Blockchain detectives — Mt. Gox collapse noticed start of Chainalysis
Extra reporting by Ana Paula Pereira.
[ad_2]
Source link
