SBF Guilty on Multiple Charges, Awaits Sentence in 2024

Former FTX CEO Sam Bankman-Fried found guilty on seven counts, including wire fraud and money laundering, faces potential 115-year prison term.

Sam Bankman Fried Arrived to his final destenation, a hell-like fiery landscape, filled wit cages.
Created by Gabor Kovacs from DailyCoin
  • The trial of former FTX CEO Sam Bankman-Fried (SBF) has concluded.
  • SBF could be facing multiple years behind bars.
  • He faces an additional indictment from the U.S. Department of Justice.

The month-long trial of the disgraced crypto kingpin, Sam Bankman-Fried, extended over a span of 15 days, during which he confronted an eight-count charge relating to the collapse of the now-defunct exchange FTX and its sister trading firm, Alameda Research.

After multiple testimonies and discussions, the high-stakes trial has finally concluded with a momentous verdict.

Sam Bankman-Fried Is Guilty

On November 2nd, the jury selection in the FTX trial returned a verdict that found Bankman-Fried guilty on seven counts that included wire fraud, securities fraud, and money laundering conspiracy.

The “unanimous” 12-person jury deliberation was swift, taking only about four and a half hours.

The final sentencing of SBF is scheduled for March 28, 2024, by Judge Lewis Kaplan in the New York District Court, and the disgraced CEO now faces the possibility of a lengthy prison sentence of up to 20 years. 

Bankman-Fried’s legal team has expressed their disappointment with the verdict. His lead defense attorney, Mark Cohen, stated, “We respect the jury’s decision, but we are very disappointed with the result. Mr. Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him.”

The 30-year-old former CEO faces an additional indictment from the Department of Justice for campaign finance fraud. He allegedly used stolen funds for political contributions, further complicating his legal situation.

U.S. Attorney General Merrick Garland emphasized that “Sam Bankman-Fried thought that he was above the law. Today’s verdict proves he was wrong. This case should send a clear message to anyone who tries to hide their crimes behind a shiny new thing they claim no one else is smart enough to understand: the Justice Department will hold you accountable.”

To find out more about some of the misdeeds attributed to SBF during the trial, read here:

FTX Employees Uncovered a $65B Backdoor Months Before Collapse  

Regulatory scrutiny in the crypto industry is escalating, with the SEC issuing a subpoena to PayPal. Read more:

PayPal’s PYUSD Lands in SEC’s Crosshairs as Subpoena Emerges

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.