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Bankman-Fried guilty on all seven criminal fraud counts

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Sam Bankman-Fried, the founder and CEO of failed cryptocurrency exchange FTX and associated hedge fund firm Alameda Research, is facing a lengthy spell behind bars after jurors took just a few hours to return a guilty verdict on all seven criminal fraud charges against him.

The 31-year-old Massachusetts Institute of Technology graduate who was once ranked the 60th richest person in the world with a net worth of $26bn, is facing a maximum sentence of 115 years in prison following the verdicts.

Bankman-Fried, who pleaded not guilty to the charges against him, was convicted of wire fraud and conspiracy to commit wire fraud against FTX customers and against Alameda Research lenders, conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering.

The jury retired to begin its deliberations at 3.15pm local time and returned to the court room after less than four-and half-hours, which included a break for dinner at around 6pm, to deliver its verdicts.

Bankman-Fried will return to court at 9.30am on 28 March for sentencing.

US Attorney General Merrick Garland said in a statement after the verdicts were read: “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.”

 

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