A jury found Sam Bankman-Fried guilty of all charges in his federal fraud and conspiracy trial. The conclusion came after a little over four hours of jury deliberation on Thursday.
Sam Bankman-Fried, no remorse?
Bankman-Fried, aged 31, sat motionless at the defense table, clad in an ill-fitting grey suit. Upon hearing the verdict, he was required to stand and face the jury, with no visible emotion.
The charges brought against him were severe, encompassing seven counts of fraud, conspiracy, and money laundering, described by federal prosecutors as “one of the biggest financial frauds in American history.” Allegations revolved around the purported use of customer deposits on the cryptocurrency trading platform FTX to cover losses at his hedge fund, settle loans, and finance extravagant real estate acquisitions, among other personal expenditures.
Bankman-Fried consistently maintained his innocence throughout the trial, pleading not guilty to all counts. With the jury’s unanimous conviction, he now faces the potential of a staggering 110-year prison sentence. The sentencing date is set for March 28, 2024.
Innocent and contesting charges
In response to the verdict, defense attorneys Marc Cohen and Chris Everdell issued a statement, asserting Bankman-Fried’s commitment to maintaining his innocence and his resolve to vigorously contest the charges against him.
U.S. Attorney Damian Williams, however, seized the moment to send a clear message to potential wrongdoers: “The verdict sends a message to every single fraudster out there who thinks that they’re untouchable. Those folks should think again. And if they don’t, I promise we’ll have enough handcuffs for all of them,” Williams declared.
Implicated by Caroline Ellison, the girlfriend
Caroline Ellison, the former co-chief executive of Alameda and Bankman-Fried’s ex-girlfriend, had previously pleaded guilty to criminal charges and testified in cooperation with the prosecutors. She asserted that she had engaged in fraudulent activities at the behest of Bankman-Fried.
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The post Sam Bankman-Fried faces 110-year prison sentence appeared first on The Independent News.
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