Sam Bankman-Fried (SBF), the disgraced founder of the FTX crypto exchange, has reportedly been declared guilty of defrauding customers a year following the exchangeâs collapse.
Reportedly, a jury panel consisting of 12 members unanimously rendered a guilty verdict on all seven counts of fraud. Prosecutors alleged that he embezzled $8 billion from the exchangeâs customers, driven by sheer greed.
Jury Delivers Final Verdict: Sam Bankman-Fried Guilty
The jury reached the verdict after deliberating for approximately four hours, according to a recent report.
SponsoredUS District Judge Lewis Kaplan has scheduled SBFâs sentencing for March 28, 2024.Â
Learn more: FTX Collapse Explained: How Sam Bankman-Friedâs Empire Fell
SBFâs legal team intends to appeal the verdict. This is due to SBF maintaining a not-guilty plea to the seven counts of fraud charges filed against him.
However, SBFâs legal challenges continue. United States prosecutors have brought additional charges against him pertaining to alleged foreign bribery and bank fraud conspiracies. For those charges, he will face a separate trial.
SBF Stood Firm, Avoided Guilty Plea for Lesser Sentence
It seemed that SBF had no inclination to negotiate with prosecutors for a reduced sentence in exchange for a guilty plea.Â
BeInCrypto reported on October 4 that SBF refrained from engaging in any plea deal discussions prior to the trialâs commencement.
As the trial began, Judge Kaplan afforded SBF a final opportunity to testify before the jurors entered the courtroom.
Learn more: Who Is John J. Ray III, FTXâs New CEO?
