Crypto billionaire Sam Bankman-Fried is likely to go to jail in telling tale of fraud, and lack of regulation.
A jury in New York convicted former cryptocurrency and financial trading services billionaire Sam Bankman Fried as guilty on all charges that he was facing. The conviction follows a high profile trial that saw Bankman-Fried surrender to authorities after initially being in the Bahamas. His firm, FTX, declared bankruptcy in November last year, and the trial became an example of swift justice. The former executive’s fate is now in a jury’s hands, which is set to decide how long to sentence him.Bankman-Fried’s Legal Trouble Far From Over As Alleged Foreign Bribery, Bank Fraud Trial Remains
Jury deliberations for today’s trial extended late into the evening as jurors announced their decision at 7:55 p.m. local time in New York. Their decision came after more than two weeks of testimony from former FTX management and those of its partner firm, Alameda Research. Alameda played a central role in FTX’s collapse, as did Caroline Ellison, its chief executive.
Ms. Ellison became a witness for the prosecution, joining more than a dozen others, including former employees, FBI officials, a professor and an investor. Bankman-Fried provided most of the testimony in his defense.
