2023-11-3 02:58 |
After less than five hours of deliberation, the jury found Sam Bankman-Fried (SBF) guilty of all seven charges levied against him by the U.S. government.
SBF faces more than 100 years in prison for his role in defrauding FTX customers out of roughly $8 billion worth of their funds, primarily by giving Alameda Research special privileges to borrow those funds without limit and spend them recklessly.
The seven charges against him are wire fraud and conspiracy to commit wire fraud against FTX’s customers, wire fraud and conspiracy to commit wire fraud against Alameda Research’s lenders, conspiracy to commit securities fraud against FTX’s investors, conspiracy to commit commodities fraud against FTX customers and conspiracy to commit money laundering.
Presiding Judge Lewis Kaplan has set the sentencing date for March 28, while the second SBF trial has been scheduled for March 15, barring any unforeseen delays.
The post-trial motion schedule will be given out on Dec. 11.
The post Sam Bankman-Fried found guilty on all 7 charges appeared first on CryptoSlate.
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