Sam Bankman-Fried has been found guilty in what prosecutors called 'one of the biggest financial frauds in American history.'
Sam Bankman-Fried, head of failed cryptocurrency exchange FTX, has been found guilty of all counts against him in what prosecutors called "one of the biggest financial frauds inThe 31-year-old's spectacular rise and fall in the cryptocurrency industry hit rock bottom on Thursday when a New York jury convicted him of fraud for stealing at least $10 billion from customers and investors.
A courtroom sketch of Bankman-Fried's parents Barbara Fried and Joseph Bankman reacting to the jury verdict.Bankman-Fried is likely to face far less than the maximum at a sentencing set for March 28. “Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him,” Mr Cohen added.US Attorney Damian Williams, who sat in the front row of the spectator section during the verdict, stood before cameras outside the courthouse.
“But here’s the thing: The cryptocurrency industry might be new. The players like Sam Bankman-Fried might be new. This kind of fraud, this kind of corruption is as old as time and we have no patience for it,” he said.
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