New York, November 3 (IANS): Sam Bankman-Fried, co-founder and former CEO of collapsed crypto exchange FTX, has been found guilty on all seven counts related to fraud and money laundering.
The US Attorney’s office at the Southern District of New York said in a statement late Thursday that Bankman-Fried perpetrated one of the biggest financial frauds in American history -- a multibillion-dollar scheme designed to make him the 'King of Crypto'.
A New York jury found Bankman-Fried (31) guilty of two counts of wire fraud conspiracy, two counts of wire fraud, and one count of conspiracy to commit money laundering, each of which carries a maximum sentence of 20 years in prison.
He was also convicted of conspiracy to commit commodities fraud and conspiracy to commit securities fraud, each of which carries a maximum sentence of five years in prison.
“While the cryptocurrency industry might be new and the players like Sam Bankman-Fried might be new, this kind of corruption is as old as time. This case has always been about lying, cheating, and stealing, and we have no patience for it,” said US Attorney Damian Williams.
The decision was given following a five-week trial. The US Department of Justice charged Bankman-Fried about 11 months ago.
In his trial, Bankman-Fried testified that he didn’t defraud FTX customers or take their funds. The seven charges bring a total possible sentence of 115 years in prison for the defendant.
He is set to be sentenced by Judge Lewis Kaplan on March 28 next year and faces decades in prison. FTX -- once the world's second-largest cryptocurrency exchange -- filed for bankruptcy in November last year.