Founder of Crypto Enterprise FTX, Sam Bankman-Fried faces upto 110 years in jail, following his conviction for stealing from customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record.
A 12-member jury in Manhattan federal court, on Friday, convicted Bankman-Fried on all seven counts after a monthlong trial in which prosecutors accused him of looting $8 billion from the exchange’s users out of sheer greed.
The verdict came just shy of one year after FTX filed for bankruptcy in a swift corporate meltdown that shocked financial markets and erased his estimated $26 billion personal fortune.
U.S. District Judge Lewis Kaplan set Bankman-Fried’s sentencing for March 28, 2024 which is around the same time a fresh trial would commence over a second set of suits brought by US prosecutors against the FTX founder.
