Breaking: Sam Bankman-Fried found guilty on all charges
Former FTX CEO Sam Bankman-Fried has been found guilty of all of the seven charges in his criminal trial by a jury in New York.
Bankman-Fried was found guilty of two counts of wire fraud and two counts of wire fraud conspiracy along with one count of securities fraud, one count of commodities fraud conspiracy and one count of money laundering conspiracy.
He will return to court for sentencing by New York District Judge Lewis Kaplan at a later date.
Bankman-Fried’s crimes total a maximum of 110 years in prison with the wire fraud, wire fraud conspiracy and money laundering conspiracy carrying a maximum 20-year sentence.
Other key FTX executives including former Alameda CEO Caroline Ellison, FTX co-founder Gary Wang and former FTX engineering head Nishad Singh have all pleaded guilty to various charges and worked with the government to testify against Bankman-Fried.
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Bankman-Fried had previously pleaded not guilty to all charges and during his trial, he took the stand to maintain his innocence and mark up FTX’s November 2022 collapse as "a number of big mistakes." He denied any wrongdoing in FTX’s relationship with Alameda and attempted to distance himself from key decisions.
Bankman-Fried pinned the blame on Wang for creating a function that allowed Alameda to trade funds on FTX that it didn’t have and claimed he “wasn’t entirely sure what happened” with Alameda’s line of credit, which ballooned to billions in the collapsing crypto market of 2022.
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This is a developing story, and further information will be added as it becomes available.
Additional reporting by Ana Paula Pereira.
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