In the New York criminal trial of former FTX CEO Sam Bankman-Fried, a jury delivered a verdict of guilty on all seven charges after approximately four hours of deliberations. The charges include two counts of wire fraud, two counts of conspiracy to commit wire fraud, one count of securities fraud, one count of commodities fraud conspiracy, and one count of conspiracy to commit money laundering.
Sam Bankman-Fried will face sentencing by New York District Judge Lewis Kaplan on March 28, 2024, with government prosecutors making recommendations. Although each of the charges carries a maximum penalty of five to 20 years in prison, wire fraud, wire fraud conspiracy, and money laundering conspiracy come with a maximum penalty of 20 years in prison.
U.S. attorney Damian Williams of the Southern District of New York characterized Bankman-Fried's actions as part of a "multibillion-dollar scheme to make him the King of Cryptocurrency," which he labeled as one of the most substantial financial frauds in U.S. history. In response to the jury's decision, Bankman-Fried's attorney, Mark Cohen, expressed respect for the verdict but also disappointment, emphasizing Bankman-Fried's continued assertion of innocence and their intent to vigorously contest the charges.
Key FTX executives, including former Alameda CEO Caroline Ellison, FTX co-founder Gary Wang, and former FTX engineering head Nishad Singh, have already pleaded guilty to multiple charges and cooperated with the government by providing testimony against Bankman-Fried during the five-week trial. In contrast, Bankman-Fried maintained his plea of not guilty throughout the trial. He sought to distance himself from key decisions and described FTX's November 2022 collapse as a result of a series of significant mistakes. Bankman-Fried also placed responsibility on others, attributing certain features and decisions to individuals such as Gary Wang and Caroline Ellison.
