Bankman-Fried, 31, could face decades in prison.
In this courtroom sketch, FTX founder Sam Bankman-Fried, right, testifies as Judge Lewis Kaplan, upper left, presides during Bankman-Fried’s trial in Manhattan federal court
A federal jury convicted FTX founder Sam Bankman-Fried on Thursday of fraud charges accusing him of stealing about 10 billion dollars from customers and investors in what a prosecutor says was one of the biggest frauds in US history. The verdict came quickly after a Manhattan federal court jury began deliberating mid-way through the afternoon.
Bankman-Fried, 31, could face decades in prison after prosecutors said he cheated thousands of customers of billions of dollars before the collapse of his companies in November, 2022.Prosecutors said he spent the money on investments, real estate, promotions for his cryptocurrency exchange and political contributions.
The verdict came after a month-long trial in which three of his former fellow top executives pleaded guilty to fraud charges and testified against him.After his arrest last year, US attorney Damian Williams said the fraud was one of the largest in US history.We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues.
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