Sam Bankman-Fried Found Guilty of Fraud, Conspiracy Charges
variety.comTodd Spangler NY Digital Editor A federal jury convicted Sam Bankman-Fried, the former CEO of failed cryptocurrency company FTX, on seven counts of fraud and conspiracy.
The charges carry a maximum prison term of 110 years, per the New York Times. The jury verdict Thursday came after a trial of a little over a month in federal court in New York City.
The U.S. government alleged that Bankman-Fried, 31, had cheated investors and customers out of upwards of $10 billion through FTX and crytpo trading firm Alameda Research.
According to federal prosecutors, the charges against Bankman-Fried arose from an alleged “wide-ranging scheme by Bankman-Fried to misappropriate billions of dollars of customer funds deposited with FTX” and “mislead investors and lenders” to FTX and to Alameda Research.
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