Sam Bankman-Fried has been discovered responsible of defrauding clients of his now-bankrupt cryptocurrency alternate in one of many largest frauds ever.
The 31-year-old could possibly be sentenced to greater than 100 years in jail after dishonest 1000’s of FTX clients out of billions of {dollars}.
A Manhattan jury convicted him on all seven counts after a month-long trial. He shall be sentenced subsequent 12 months.
FTX collapsed final November, stunning monetary markets and wiping out the crypto tycoon’s estimated $26bn (£21bn) wealth.
Bankman-Fried – who denied two counts of fraud and 5 of conspiracy – clasped his arms collectively as the decision was delivered after 4 hours of deliberation.
He took a calculated threat to testify final week, admitting “mistakes” in working FTX however insisting he did not steal his clients’ cash.
Prosecutors claimed he used the funds for dangerous bets at his hedge fund Alameda Research – with an enormous black gap within the firm’s funds rising when crypto markets fell sharply.
FTX abruptly halted withdrawals final November and subsequently went bankrupt.
Bankman-Fried’s speedy downfall has seen him in comparison with well-known monetary fraudsters Bernie Madoff and ‘Wolf of Wall Street’ Jordan Belfort
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