Day 18 Of Sam Bankman-Fried Trial: Former FTX CEO Was Found Guilty of All Charges

Sam Bankman-Fried

Former FTX CEO Sam Bankman-Fried was found guilty of all 7 charges placed on him after a month-long trial.

As reported by CoinMinutes, the trial of Sam Bankman-Fried over the collapse of the FTX exchange has been underway since early October until now, and has entered its final stage.

After hearing from witnesses called by the prosecution and defense, including Sam Bankman-Fried himself, the 12-person jury spent most of the day deliberating. The 18th trial was discussed in private to reach a verdict.

After more than 3 hours of discussion, the jury informed the presiding judge, Judge Lewis Kaplan, that they had reached an “absolute consensus”. Accordingly, the jury found Sam Bankman-Fried guilty of all 7 crimes according to the indictment, including:

  • Conspiracy to commit customer deposit fraud;
  • Customer deposit fraud;
  • Conspiracy to defraud creditors;
  • Fraud of creditors;
  • Conspiracy to commit property fraud;
  • Securities fraud conspiracy;
  • Money laundering conspiracy.

However, Judge Kaplan said the trial to confirm the sentence for the former FTX CEO will be held on March 28, 2024. Sam Bankman-Fried is facing a sentence of up to 115 years.

Sam Bankman-Fried’s defense lawyer said he had filed an appeal against the court’s ruling. In the meantime, the former FTX CEO will continue to be detained in a prison in New York City.

However, Mr. Sam Bankman-Fried still faces other indictments from the US Department of Justice, including crimes including violating financial donation regulations, bank fraud, and operating a transfer organization. illegal money and bribery of foreign officials, and may continue to be brought to trial.

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