FTX founder Sam Bankman-Fried has been found guilty of defrauding customers of his now-bankrupt cryptocurrency exchange. He was convicted on all seven counts he faced after a month-long trial in which prosecutors argued that he stole $8 billion from customers out of greed. The verdict came almost one year after FTX filed for bankruptcy, wiping out Bankman-Fried’s estimated $26 billion personal fortune. He had pleaded not guilty to the charges but was sentenced to be determined on March 28, 2024. Bankman-Fried’s defense lawyers are expected to appeal the verdict. He is also set to go on trial for additional charges, including alleged foreign bribery and bank fraud conspiracies. Bankman-Fried, known for his unconventional appearance, joins the ranks of other notable people convicted of major financial crimes. Prosecutors claimed that he transferred money from FTX to his hedge fund, Alameda Research, and used it for personal loans and speculative investments. They also alleged that he donated large sums to US political campaigns to promote cryptocurrency legislation favorable to his business.
>>Join our Facebook Group be part of community. <<