Founder of FTX Found Guilty of Multi-Billion Dollar Fraud Stealing From Customers
Sam Bankman- Fried, founder of FTX, was found guilty of stealing from customers of his now-bankrupt cryptocurrency exchange on Thursday November 2, 2023.
This is one of the largest financial frauds on record, which paved the way towards the downfall of the 31-year-old former billionaire.
Bankman-Fried was convicted by a 12-member jury in Manhattan federal court on all seven counts he faced after a trial that stretched a month. Prosecutors confirmed that he looted $8 billion from the exchange’s users out of “sheer greed.”
The verdict followed just a year after FTX filed for bankruptcy in a swift corporate meltdown that sent shockwaves across the financial market and wiped off his roughly estimated $26 billion personal fortune.
The U.S. Justice Departmentand top federal prosecutor Damian Williams said that “The crypto industry might be new, the players like Sam Bankman-Fried may be new, but this kind of fraud is as old as time and we have no patience for it,” Williams told reporters outside the courthouse.
Bankman-Fried, a once revered young billionaire known for his casual style over a business suit has seemingly joined the likes of admitted Ponzi schemer Bernie Madoff and “Wolf of Wall Street” fraudster Jordan Belfort as people convicted of major U.S. financial crimes.
Bankman-Fried could face decades in prison.
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