A federal jury found Sam Bankman-Fried, the former CEO of failed cryptocurrency company FTX, guilty on seven counts of fraud and conspiracy.
The charges carry a maximum prison term of 110 years, per the New York Times. The jury verdict came after a trial of a little over in federal court on New York City.
According to The charges in the indictment arise from an alleged wide-ranging scheme by Bankman-Fried to misappropriate billions of dollars of customer funds deposited with FTX, the international cryptocurrency exchange founded by Bankman-Fried, and mislead investors and lenders to FTX and to Alameda Research, the cryptocurrency hedge fund also founded by Bankman-Fried. Bankman-Fried was arrested yesterday in the Bahamas on these charges and will be presented before a Bahamian magistrate judge today.
Bankman-Fried’s sentencing hearing has been set for March 28, 2024.
More to come
