Former FTX CEO and founder Sam Bankman-Fried was found guilty of seven charges, including defrauding the cryptocurrency exchange's customers and investors and conspiracy to commit money laundering.
After a month of trial, a 12-person jury reached a condemning verdict on the FTX founder, determining that the 31-year-old is responsible for perpetrating one of the largest financial frauds in American history.
Bankman-Fried could now face decades in prison after being convicted of two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy and one count of money laundering conspiracy. Each charge carries a maximum penalty ranging from 5 to 20 years imprisonment.
The FTX founder pleaded not guilty to all charges and, during the trial, appeared on the stand in an attempt to reiterate his innocence and call the collapse of FTX in November 2022 "a number of big mistakes." However, prosecutors argued that the former billionaire stole $8 billion and spent the money on investments, real estate and political contributions. The trial featured company documents and linked to testimonies from key individuals.
"He took the money. He knew it was wrong. He did it anyway, because he thought he was smarter and better and that he could figure his way out of it," Assistant U.S. Attorney Nicolas Roos said in his closing arguments.
BREAKING: Sam Bankman-Fried found guilty in FTX fraud case https://t.co/lECh1dthXE
— Axios (@axios) November 2, 2023
According to reports, Bankman-Fried will likely remain in custody at the Metropolitan Detention Center until his second trial, which is scheduled for March 2024 and will address four additional charges.
