Hassan Maishera
TL;DR
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Sam Bankman-Fried (SBF) was found guilty on all seven counts in his FTX fraud trial.
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The sentencing will take place on March 28, 2024, and SBF could spend decades in prison.
Sam Bankman-Fried Found Guilty And Could Spend Decades In Jail
Former FTX CEO Sam Bankman-Fried (SBF) was found guilty of defrauding his customers and lenders by a New York jury following a five-week trial. A sentencing date has been set for March 28, 2024, and the FTX founder could spend
U.S. Attorney Damian Williams said,
"Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history. This kind of fraud, this kind of corruption, is as old as time. We have no patience for it."
The defense attorney Mark Cogen said SBF respects the jury’s decision but maintains that his client remains innocent and will continue to fight the charges. The statement indicates that SBF might appeal the judgement.
The former FTX boss was arrested in December last year and tried on allegations of defrauding his investors and customers and also Alameda Research's lenders.
SBF pleaded not guilty to all charges and went to trial early last month. The federal prosecutors argued that SBF deliberately set out to steal his customers' funds for use in a variety of purchases and investments, including real estate, sports sponsorships and venture investments.
However, his attorney claimed that SBF was simply an overworked businessman who mistook the company funds with those that belonged to customers and investors.
The former FTX CEO acknowledged "there were significant oversights" but pointed out that he did not defraud anyone.
