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The Washington Post: Sam Bankman-Fried, the co-founder of FTX, has been convicted on all counts of fraud, conspiracy, and money laundering in a high-profile trial. The jury, after less than five hours of deliberation, found him guilty of two counts of wire fraud, four counts of conspiracy to commit fraud, and one count of conspiracy to commit money laundering. His sentencing is scheduled for March 28, with the possibility of facing decades in prison.
The conviction follows testimony from Bankman-Fried’s former colleagues and a self-incriminating cross-examination where he claimed to not remember critical details over 140 times. The prosecution described Bankman-Fried’s actions as a “pyramid of deceit” involving the misappropriation of nearly $10 billion of customer funds. Despite defense efforts to portray him as an overwhelmed entrepreneur, the jury was persuaded by the evidence presented by the prosecution.
The verdict arrives one year after a CoinDesk article exposed close ties between FTX and Alameda Research, leading to Bankman-Fried’s downfall. FTX, once a top crypto exchange with high-profile endorsements, became a cautionary tale of financial mismanagement and fraud, with Bankman-Fried’s former stature as a billionaire and industry philanthropist now overshadowed by his criminal conviction.
The entire article can be read at the link https://www.washingtonpost.com/business/2023/11/02/sbf-bankman-fried-trial-ftx/
