Sam Bankman Fried, also known as SBF, was convicted on all seven charges related to the collapse of the cryptocurrency exchange FTX. The charges included counts of wire fraud and money laundering. SBF is accused of misappropriating billions of investor funds into various other ventures, including his pre-existing hedge fund called Alameda Research. There is also documented evidence of SBF donating tens of millions of dollars to mostly Democratic party officials and also Super PACs.
SBF is facing over 100 years in prison. There may have been a way to avoid the potential for such a lengthy prison sentence but SBF refused a plea bargain. Of course, there is the assumption that his sentence will be appealed… but there is so much evidence against SBF that the odds of such a thing succeeding are slim to none. He will be sentenced at the end of March 2024.
SOURCES:
Sam Bankman-Fried found guilty on fraud charges | Fox Business
Sam Bankman-Fried found guilty of fraud – The Verge
Sam Bankman-Fried found guilty on all seven criminal fraud counts
Hiltzik: The cryptocurrency scam – Los Angeles Times
Sam Bankman-Fried Is Found Guilty of 7 Counts of Fraud and Conspiracy – The New York Times
Jury finds Sam Bankman-Fried found guilty on all counts
Sam Bankman-Fried found guilty on all charges in FTX collapse – YouTube
