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Business News/ Markets / Cryptocurrency/  FTX co-founder Sam Bankman-Fried found guilty of fraud and money laundering
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FTX co-founder Sam Bankman-Fried found guilty of fraud and money laundering

FTX co-founder Sam Bankman-Fried has been found guilty of fraud and money laundering.

(FILES) FTX founder Sam Bankman-Fried arrives at the US federal courthouse in New York on March 30, 2023. Former cryptocurrency whiz kid Bankman-Fried knowingly stole money from customers of his FTX platform, US prosecutors told a federal court in closing arguments on November 1, 2023. The jury is faced with the question whether 'the defendant knew taking the money was wrong,' prosecutor Nicolas Roos said. (Photo by Ed JONES / AFP) (Ed JONES / AFP)Premium
(FILES) FTX founder Sam Bankman-Fried arrives at the US federal courthouse in New York on March 30, 2023. Former cryptocurrency whiz kid Bankman-Fried knowingly stole money from customers of his FTX platform, US prosecutors told a federal court in closing arguments on November 1, 2023. The jury is faced with the question whether 'the defendant knew taking the money was wrong,' prosecutor Nicolas Roos said. (Photo by Ed JONES / AFP) (Ed JONES / AFP)

Sam Bankman-Fried has been found guilty on all seven counts related to fraud and money laundering. He is the co-founder and former CEO of crypto exchange FTX, , once the world’s second-largest crypto exchange, and trading firm Alameda Research. A New York jury convicted him of fraud in a scheme that cheated customers and investors of at least $10 billion, AP reported.

Jurors rejected Bankman-Fried’s claim that he had never committed fraud or meant to cheat customers before FTX collapsed into bankruptcy a year ago.

Also Read: FTX Founder Sam Bankman-Fried’s Trial: How Did We Get Here?

“His crimes caught up to him. His crimes have been exposed," Assistant U.S. Attorney Danielle Sassoon told the jury of the onetime billionaire just before they were read the law by Judge Lewis A. Kaplan and began deliberations. Sassoon said Bankman-Fried turned his customers’ accounts into his “personal piggy bank" as up to $14 billion disappeared.

After the judge set a sentencing date of March 28, Bankman-Fried's parents moved to the front row behind him. His father put his arm around his wife. As Bankman-Fried was led out of the courtroom, he looked back and nodded toward his mother, who nodded back and then became emotional, wiping her hand across her face after he left the room.

U.S. Attorney Damian Williams told reporters after the verdict that Bankman-Fried “perpetrated one of the biggest financial frauds in American history, a multibillion-dollar scheme designed to make him the king of crypto."

Also Read: Rise and fall of crypto exchange FTX

“But here’s the thing: The cryptocurrency industry might be new. The players like Sam Bankman-Fried might be new. This kind of fraud, this kind of corruption is as old as time and we have no patience for it," AP quoted him as saying.

Bankman-Fried’s attorney, Mark Cohen, said in a statement they “respect the jury’s decision. But we are very disappointed with the result."

“Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him," Cohen said.

(With AP inputs)

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Published: 03 Nov 2023, 06:18 AM IST
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