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FTX founder of Sam Bankman-Fried, has been convicted on all 7 of his fraud charges, according to Reuters.
The 31-year-old, ex-billionaire now faces maximum sentence of 115 years in prison, which feels completely deserved.
BREAKING: A jury has found Sam Bankman-Fried guilty of all 7 criminal counts against him. @Kr00ney reports. https://t.co/NML57SVCdL pic.twitter.com/PccrhR0Eac
— CNBC (@CNBC) November 2, 2023
During the month-long trial in Manhattan federal court, prosecutors argued that Bankman-Fried’s insatiable greed led to the theft of $8 billion from FTX customers, making this one of the largest financial fraud cases in history.
FTX filed for bankruptcy almost a year ago, which shocked financial world and wiped out Bankman-Fried’s estimated $26 billion fortune, according to the report.
The jury, wasted no time in reaching their verdict, deliberating for just over four hours before delivering the guilty verdict. Bankman-Fried’s was reportedly visibly tense as he stood and received the news.
Bankman-Fried’s had pleaded not guilty to two counts of fraud and five counts of conspiracy.