FTX crypto 'king' Bankman-Fried guilty of 'one of the biggest financial frauds in American history'

euronews.com:

The fallen crypto wunderkind Sam Bankman-Fried, who founded one of the largest crypto exchanges, has been found guilty of all seven criminal counts against him. The FTX founder faces a maximum sentence of 115 years in prison on charges of fraud and money laundering.

A New York jury convicted him of wire fraud and conspiracy to commit wire fraud against FTX customers and against lenders of its sister hedge fund Alameda Research lenders.

"Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history - a multibillion-dollar scheme designed to make him the king of crypto," US attorney Damian Williams said in a statement after the verdict.

"This case has always been about lying, cheating and stealing, and we have no patience for it," he added.

The charges carry potential penalties adding up to 115 years in prison. Bankman-Fried is likely to face far less than the maximum at a sentencing set for March 28.

The 31-year-old pleaded not guilty to the accusations and said during his testimony that he never committed fraud or meant to cheat customers before FTX, once the world’s second-largest crypto exchange, collapsed into bankruptcy a year ago.

As the verdict was read, Bankman-Fried seemed stunned, appearing stone-faced, his hands clasped before him, as his lawyers remained sitting beside him. When he sat down, he looked down for several minutes.

His lawyer, Mark Cohen, later read a statement outside court to say “Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him,” Cohen said.

US Attorney Damian Williams said the case should serve as a warning to every other fraudster who “thinks they're untouchable, that their crimes are too complex,” that they are too