Sam Bankman-Fried Finally Found Guilty of Committing Billion-Dollar Fraud at FTX and Alameda Research

It seems that after months and months of struggle, SBF has finally been found guilty of committing massive fraud involving FTX and Alameda. Check out the latest reports about this below.

After a quick trial, Sam Bankman-Fried has been found guilty of committing fraud of over a billion dollars against FTX and Alameda Research.

The jury found him guilty on all seven charges, including wire fraud, securities fraud, and money laundering.

The trial lasted only four hours, and Bankman-Fried was taken into custody after his cryptocurrency empire collapsed in December.

Prosecutors accused him of stealing billions of dollars in FTX customer deposits to purchase investments, loan repayments, political donations and real estate.

During the trial, Bankman-Fried was accused by former FTX CTO Gary Wang, former head of engineering Nishad Singh, and former Alameda CEO Caroline Ellison of giving them orders that they carried out.

On the stand, Bankman-Fried denied knowingly defrauding anyone, but acknowledged that there were “significant oversights” at his companies.

“A lot of people got hurt – customers, employees. And the company ended up in bankruptcy. I made a number of small mistakes and a number of larger mistakes.”

Sentencing is expected to take place early next year.

Bankman-Fried faces a total possible sentence of 115 years in prison, according to the notes coming from the online publication the Daily Hodl. 

Last year, the chief executive of Ripple Labs says that former FTX CEO Sam Bankman-Fried’s meetings with U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler were “shameful.”

Responding to an opinion piece by the Wall Street Journal questioning Gensler’s failure to foresee the FTX collapse, Brad Garlinghouse explained the fact that it was shameful that the SEC chair was caught off-guard by the debacle, even after meeting with Bankman-Fried multiple times.

Stay tuned for more news from the crypto space.