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Breaking: FTX founder Sam Bankman-Fried found guilty of all 7 counts
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- The 12-member jury has found the FTX founder – SBF guilty of seven counts of fraud and money laundering charges
- The court will now move on to the second trial and the sentencing of the former crypto mogul, which is set to take place in Q1 2024
The verdict on the FTX Founder Sam Bankman-Fried’s case is finally here. The 12-member jury has deemed SBF guilty of all seven counts of fraud and money laundering charges placed against him by the US Department of Justice. The ruling has finally brought an end to the nearly four week’s trial, which saw the top FTX executives testifying against Bankman-Fried.
SBF's lawyer Mark Cohen: We would like the jury polled.
[Verdict is confirmed]
Judge Kaplan: Jurors, I thank you. You did what we hope all citizens do when called for service. That was your call. In just a minute I am going to discharge you. You can speak about it— Inner City Press (@innercitypress) November 2, 2023
The court would next decide on the sentencing for the crimes SBF has been found guilty of. Additionally, there will also be a second trial for the additional charges placed against him. These charges are related to alleged foreign bribery and conspiracy to commit bank fraud.
Judge Kaplan: We have scheduled a second trial for March 11 [2024]. Let me know by February 1 if that is going to proceed. I want an update on that. What is the government's position on setting a sentencing date on this?
AUSA Roos: Let's get the PSR process going— Inner City Press (@innercitypress) November 2, 2023
Notably, the current charges SBF has been found guilty of carries a maximin sentence for the crimes being 115 years in prison. The judge has set the sentencing date for March 28. 2024.
FTX’s trial ends a month after its start
The criminal trial of the former crypto mogul and FTX CEO – Sam Bankman-Fried – began on October 3rd, 2023. The trial set course nearly 11 months after the collapse of FTX – formerly one of the biggest crypto exchanges in the world. The exchange had filed for bankruptcy in November 2022, after failing to honour customers’ withdrawal requests. The platform became the face of the biggest bank run cases in crypto history after a report revealed that its balance sheet was heavily influenced by its exchange token – FTT.
The downfall saw the top executives of the firm calling the quits and joining hands with US prosecutors. This, in turn, resulted in the apprehension and extradition of SBF in December 2022, with the Department of Justice in the Southern District of New York District uncovering the lawsuit against him. SBF has now been found guilty of seven charges of fraud and money laundering, charges to which he previously pleaded not guilty.
Trial unveiled behind the scenes of FTX operations
Since its start, the trial revealed the lies and deception of FTX and its sister firm – Alameda Research. The legal proceedings have also spilt the details on the events that led to the collapse of FTX in November 2022 and how the exchange’s customer balance was depleted from $20 billion to $5 billion. DoJ’s star witnesses, who were once members of SBF’s inner circle, have testified against him, labelling him as the ringmaster of the operations. This includes the former Alameda CEO – Caroline Ellison, former FTX Chief Technology Officer – Gary Wang, and former Chief Engineer – Nishad Singh.
The trial has also had SBF take the stand, wherein he was seen deflecting the allegations against him by claiming to play according to the lawyer’s books and holding the firm’s executives accountable for failing in their respective roles. Notably, with the trial coming to an end, the jury has probably sealed the fate of the former FTX CEO, who once dreamed of becoming the President of the United States. According to a Reuters report, the SBF’s lawyers are expected to appeal this verdict.
