Disgraced cryptocurrency mogul Sam Bankman-Fried has been discovered responsible on all seven costs of fraud and cash laundering by a New York Metropolis jury.
Bankman-Fried ran one of many world’s greatest cryptocurrency exchanges till the enterprise got here crashing down in spectacular vogue final 12 months when his agency, FTX, went bankrupt.
Following a month-long trial, the jury convicted 31-year-old Bankman-Fried on Thursday after only a few hours of deliberations. He might face a long time in jail.
Prosecutors had accused Bankman-Fried of stealing round $10 billion from the trade’s clients for his personal private use.
“He took the cash,” assistant U.S. legal professional Nicolas Roos stated in his closing arguments. “He knew it was mistaken. He did it anyway, as a result of he thought he was smarter and higher and that he might determine his method out of it.”
The court docket case ended virtually a 12 months after FTX filed for chapter in a dramatic consequence that shocked monetary markets. The American was arrested within the Bahamas in December and extradited to the U.S. for trial. Amongst those that testified towards Bankman-Fried was former girlfriend Caroline Ellison, who stated that he had organized for buyer funds to again dangerous investments that led to the collapse of FTX.
Throughout the trial, Bankman-Fried took the stand himself and skilled a cross-examination described by NPR as “withering.” He admitted that many individuals had been damage by FTX’s downfall, however denied collaborating in any fraudulent actions. However the jury disagreed.
“Sam Bankman-Fried perpetrated one of many greatest monetary frauds in American historical past; a multibillion-dollar scheme designed to make him the king of crypto,” U.S. legal professional Damian Williams stated in a press release after the decision.
“This case has at all times been about mendacity, dishonest, and stealing, and we have now no persistence for it,” he added.
Responding to the decision, Bankman-Fried’s lawyer Mark Cohen stated: “We respect the jury’s choice however we’re very upset with the consequence.” Cohen added: “Mr Bankman-Fried maintains his innocence and can proceed to vigorously combat the fees towards him.”
Sentencing can be introduced at a later date, and Bankman-Fried might enchantment the decision.