A 12-member jury in Manhattan federal court convicted him on all seven counts after a month-long trial, including allegations that he stole $8 billion from the exchange's customers out of greed.
Sam Bankman-Fried appears in court. Photo: AP
The ruling comes just a year after FTX filed for bankruptcy in a rapid collapse that rocked financial markets and wiped out his estimated $26 billion personal fortune.
The jury returned its verdict after just over four hours of deliberations. Bankman-Fried, who pleaded not guilty to two counts of fraud and five counts of conspiracy, stood facing the jury with his hands clasped in front of him as the verdict was read.
His parents, Stanford Law School professors Joseph Bankman and Barbara Fried, sat in the second row of the courtroom, holding hands. Bankman sat with his head in his hands after the verdict was read.
The conviction represents a victory for the U.S. Justice Department . Damian Williams, the top federal prosecutor in Manhattan, has made rooting out corruption in financial markets one of his top priorities.
“The crypto industry may be new, players like Sam Bankman-Fried may be new, but this type of fraud is old and we cannot tolerate it,” Williams told reporters outside the courthouse.
District Judge Lewis Kaplan will sentence Bankman-Fried on March 28, 2024. The Massachusetts Institute of Technology graduate could face decades in prison.
Defense attorney Mark Cohen said in a statement that he was “disappointed” but respected the jury’s decision. “Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him,” he said.
Bankman-Fried is also set to stand trial on a second set of charges brought by prosecutors earlier this year, including foreign bribery and conspiracy to commit bank fraud. He has been held without bail since August.
Bui Huy (according to Reuters, CNN, AP)
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