The trial of Sam Bankman-Fried came to a close on Thursday, with the jury now responsible for determining the destiny of the FTX founder. Bankman-Fried rejected the accusations of criminal misconduct revolving around the downfall of the cryptocurrency exchange FTX and offshoot hedge fund Alameda Research. Ex-colleagues of Bankman-Fried were essential witnesses for the prosecution..
Sam Bankman-Fried, the 31-year-old son of two Stanford legal scholars and graduate of Massachusetts Institute of Technology, was found guilty on all seven criminal counts he faced in his trial. The potential sentence could reach up to a maximum of 115 years in prison. Bankman-Fried had pleaded not guilty to all charges, however the jury determined their decision swiftly after receiving the case at around 3:15 p.m. on Thursday. Caroline Ellison, Bankman-Fried’s ex-girlfriend and the former head of Alameda, and FTX co-founder Gary Wang, who was Bankman-Fried’s childhood friend from math camp, testified against him after pleading guilty in December to multiple charges. The criminal intent of knowing it was wrong to take customer funds from FTX and use it for other purposes was at the center of the trial. Assistant U.S. Attorney Nicolas Roos highlighted during his closing argument that there was “no serious dispute” that $10 billion had gone missing. In the event of an unsuccessful appeal, Bankman-Fried awaits sentencing. His case has garnered comparison to that of Elizabeth Holmes, the founder of medical device company Theranos, who was convicted in early 2021 on four counts of defrauding investors and sentenced to more than 11 years in prison.
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