Ex-crypto mogul Sam Bankman-Fried convicted of defrauding FTX customers

1 Min Read

New York: FTX founder Sam Bankman-Fried was found guilty on Thursday of defrauding customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record, a verdict that cemented the 31-year-old former billionaire’s fall from grace. A 12-member jury in Manhattan federal court convicted him on all seven counts he faced after a monthlong trial in which prosecutors made the case that he stole $8 billion ($12.44 billion) from the exchange’s customers out of sheer greed. The verdict came just shy of one year after FTX filed for bankruptcy in a swift corporate meltdown that shocked financial markets and erased his estimated $26 billion personal fortune. The jury reached the verdict after just over four hours of deliberations. Bankman-Fried stood and clasped his hands together as the verdict was read. Bankman-Fried, a Massachusetts Institute of Technology graduate whose mother and father are both Stanford University law professors, had pleaded not guilty to two counts of fraud and five counts of conspiracy.

Share This Article
By admin
test bio
Leave a comment
Please login to use this feature.