FTX founder Sam Bankman-Fried (C) departs Manhattan Federal Court after an arraignment hearing on March 30, 2023 in New York City. (Photo by Drew Angerer/Getty Images)
OAN’s Sophia Flores
5:45 PM – Thursday, November 2, 2023
Sam Bankman-Fried (SBF) has been found guilty in one of the highest profile crime cases this century.
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On Thursday, after 15 days of testimony, the 12-person jury came to the decision. After four and a half hours of deliberations, SBF was found guilty on seven counts of fraud and conspiracy.
He was found guilty of committing wire fraud on customers of FTX, conspiracy to commit wire fraud on customers of FTX, wire fraud on Alameda Research lenders, conspiracy to commit wire fraud on lenders to Alameda Research, conspiracy to commit securities fraud on investors in FTX, conspiracy to commit commodities fraud on customers of FTX, and conspiracy to commit money laundering.
Prosecutors claimed that the 31-year old had illegally used customer money to purchase luxury real estate, finance charitable projects, and to make political donations ─ which had nothing to do with FTX’s business.
The crypto currency company eventually filed for bankruptcy in November 2022.
The disgraced crypto mogul, who testified in his own defense during the trial, still maintained that he was innocent throughout the process.
He argued that he believed the money was coming in from FTX’s sister company, Alameda Research, and that the funds were not from customers but were instead coming from “corporate.”
SBF received a full sentence and he now faces up to 115 years behind bars. His sentencing is set for March 2024.
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