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Fallen crypto king faces 115-year sentence for $10billion swindle
Evening Standard
|November 03, 2023
FALLEN cryptocurrency "king" Sam Bankman-Fried faces a jail sentence of up to 115 years after being found guilty of financial fraud totalling $10billion (£8.2billion).
Bankman-Fried, who founded the FTX crypto exchange, was convicted on all seven counts against him with the jury taking less than five hours to reach their verdict. The month-long trial in Manhattan federal court had heard that Bankman-Fried looted FTX customers' money out of greed and spent the money on himself.
The verdict came just short of one year after FTX filed for bankruptcy in a swift corporate meltdown that shocked financial markets and erased his estimated $26billion personal fortune.
Bankman-Fried, who had 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 out.
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