November 3, 2023

Founder of Collapsed Crypto Exchange FTX, Sam Bankman-Fried, Convicted on All Charges, Potentially Facing 110 Years in Prison

A jury has found Sam Bankman-Fried guilty on all counts in the FTX fraud trial.

Sam Bankman-Fried, the founder of the now-bankrupt crypto exchange FTX, faced a conviction on Thursday as a 12-person federal jury unanimously found him guilty on seven criminal charges linked to FTX's sudden downfall the previous year.

Following a month-long trial in Manhattan federal court, Bankman-Fried, portrayed by prosecutors as a deceitful fraudster, was convicted of charges that included wire fraud, securities fraud, conspiracy, and money laundering. The allegations suggested he siphoned billions of FTX customer funds to cover losses at his hedge fund, Alameda Research.

Scheduled for March 2024, Bankman-Fried's sentencing could lead to a potential 110-year prison term, as the jury swiftly reached a unanimous verdict after deliberating for just two days. Despite the serious implications, Bankman-Fried remained stoic, showing no visible reaction as the verdict was announced.

This swift decision contrasts with typical prolonged deliberations in intricate white-collar crime cases. Prosecutors substantiated their case with a series of messages revealing Bankman-Fried's false representations of FTX's financial stability, highlighting his misuse of customer funds for unauthorized, high-risk investments through Alameda Research.

Dark money funneled to democrats

After Sam Bankman-Fried, the former CEO of FTX, was convicted, prominent investor Peter Schiff demanded accountability from politicians and regulators, asserting their alleged involvement in Bankman-Fried’s fraudulent actions. Schiff, a well-known Bitcoin critic and advocate for gold, expressed his stance through a post on X.

Schiff's push for responsibility goes further than Bankman-Fried and points fingers at the regulators and politicians whom he accuses of enabling such deceitful practices. According to Schiff's post, he contends that free markets are more effective at regulation compared to these entities.

This isn't the first instance of Schiff discussing Bankman-Fried's legal issues. Before Bankman-Fried's conviction, Schiff had questioned the timing of the charges against the FTX founder, hinting that the U.S. government might have done him a favor by pressing charges before his scheduled congressional testimony.

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