FTX founder Sam Bankman-Fried has been found guilty on all seven counts of fraud, conspiracy and money laundering following more than two weeks of testimony in one of the highest-profile financial crime cases in years.
The 31-year-old former cryptocurrency billionaire was convicted on all seven counts of fraud, conspiracy and money laundering, charges that each carry a maximum sentence of 20 years in prison. He was also convicted of conspiracy to commit commodities fraud and conspiracy to commit securities fraud, which each carry a five-year maximum sentence.
“Sam Bankman-Fried perpetrated one of the biggest frauds in American history, a multibillion-dollar scheme designed to make him the king of crypto,” Damian Williams, U.S. attorney for the Southern District of New York, said in a news briefing following the verdict. “Here’s the thing: the cryptocurrency industry might be new. The players like Sam Bankman-Fried might be new. This…
