Sam Bankman-Fried was found guilty of defrauding customers, lenders, and investors of FTX, the cryptocurrency exchange he co-founded and led until its collapse a year ago.
This resulted in customers losing billions and was deemed one of the biggest financial frauds in US history by prosecutors.
Bankman-Fried was convicted on two substantive crimes, wire fraud and five conspiracy crimes, including conspiracy to commit wire fraud, commodities fraud, securities fraud, and money laundering.
He could face up to 115 years in prison. Upon hearing the verdict, Bankman-Fried’s parents were visibly upset in court.
They hugged each other tightly as the jury left. Bankman-Fried’s lawyer, Mark Cohen, released a statement expressing disappointment with the verdict and asserting Bankman-Fried’s innocence.
