RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Cryptocurrency

Sam Bankman Found Guilty on Multiple Counts with Possible 115-Year Prison Sentence

Bolarinwa Mathew by Bolarinwa Mathew
November 3, 2023
in Cryptocurrency
Reading Time: 2 mins read
A A
0
Sam Bankman Found Guilty on Multiple Counts with Possible 115-Year Prison Sentence
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

In a stunning turn of events, a jury has found Sam Bankman-Fried, the 31-year-old founder of FTX, guilty on all seven criminal counts brought against him. The charges encompass wire fraud and conspiracy to commit wire fraud related to FTX customers and Alameda Research lenders, as well as conspiracy to commit securities fraud, conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering. If convicted on all counts, Bankman-Fried faces a maximum prison sentence of 115 years.

Bankman-Fried, a graduate of the Massachusetts Institute of Technology and the son of two Stanford legal scholars, had consistently pleaded not guilty to these charges, which were linked to the collapse of FTX and its sister hedge fund, Alameda, late last year.

AlsoRead

Nigeria’s Crypto Regulations Reshape Market, Threaten Traditional Players

Bitcoin Hits Record $112,000 as Institutional Investors Fuel Crypto Rally

Iran’s Top Crypto Exchange Nobitex Loses $90 Million in Hack, Funds Destroyed

After the jury’s verdict was delivered, Damian Williams, the U.S. attorney for the Southern District of New York, asserted that “Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history.” He underlined that while the cryptocurrency industry and players like Bankman-Fried may be relatively new, the issues of corruption and malpractice are not. “This case has always been about lying, cheating, and stealing, and we have no patience for it,” Williams stated.

Attorney General Merrick Garland added, “Sam Bankman-Fried thought that he was above the law. Today’s verdict proves he was wrong.” He emphasized that this case sends a clear message to those attempting to conceal criminal activities within new and emerging industries, stating, “the Justice Department will hold you accountable.”

The trial, which commenced in early October, featured testimony from Bankman-Fried’s former close associates and top lieutenants, who cooperated with the prosecution. The jury, after receiving the case at around 3:15 p.m. on Thursday and taking a break for dinner around 6 p.m., swiftly returned a verdict later that evening.

During the announcement of the verdict, Bankman-Fried’s parents were observed in the courtroom, visibly anxious and offering each other support. Bankman-Fried himself, wearing a purple tie and a black suit, remained composed and unemotional.

With all counts read by 7:47 p.m., Bankman-Fried maintained his stoic demeanor and did not display any visible emotional reactions. Following the guilty verdicts, jurors were polled, and each confirmed their verdict.

Judge Lewis Kaplan, presiding over the trial, thanked the jurors for their service before they left the courtroom. The sentencing date for Bankman-Fried is set for March 28, 2024, at 9:30 a.m. There is a second trial scheduled for March 11, with the government given until February 1 to decide whether they intend to proceed with it.

In response to the verdict, Bankman-Fried’s attorney, Mark Cohen, released a statement indicating that Bankman-Fried “maintains his innocence and will continue to vigorously fight the charges against him.”

Key witnesses during the trial included Caroline Ellison, Bankman-Fried’s former girlfriend and former head of Alameda, and FTX co-founder Gary Wang, a childhood friend from math camp. Both had previously pleaded guilty to multiple charges and cooperated as witnesses for the prosecution. Bankman-Fried’s defense largely rested on his own testimony, where he argued that he had not committed fraud or misappropriated customer funds but had made business errors instead.

Tags: commodities fraudcryptocurrencyFTXguilty verdictlegal proceedingsmoney launderingSam Bankman-Friedsecurities fraudsentencingTrialwire fraud
Previous Post

NNPCL to Supply Dangote Oil Refinery With Crude Oil For Testing

Next Post

Apple shares decline due to lower projected December quarter revenue.

Related News

Investors Experience $50 Billion Loss as Bitcoin (BTC) Slides to $41K

Nigeria’s Crypto Regulations Reshape Market, Threaten Traditional Players

by Bolarinwa Mathew
July 15, 2025
0

Nigeria’s Investment and Securities Act (ISA) of 2025 has officially recognized cryptocurrencies as an asset class, introducing a robust regulatory...

BTC’s Price Rises as Market Reacts to the Fed hawkish move.

Bitcoin Hits Record $112,000 as Institutional Investors Fuel Crypto Rally

by Bolarinwa Mathew
July 10, 2025
0

Bitcoin reached an unprecedented peak of $112,009 late Wednesday, propelled by a surge in institutional investment and a favorable policy...

Bitcoin plunge create a Tsunami of $129 billion loss

Iran’s Top Crypto Exchange Nobitex Loses $90 Million in Hack, Funds Destroyed

by Bolarinwa Mathew
June 24, 2025
0

Nobitex, Iran’s largest cryptocurrency exchange, suffered a devastating cyberattack that drained at least $90 million from its hot wallet, with...

Bitcoin’s Price Volatility Reaches Record Lows, Raising Expectations for a Dramatic Reversal.

Bitcoin Stalls Amid Israel-Iran Tensions and Hawkish U.S. Fed Policy

by Rate Captain
June 20, 2025
0

Bitcoin hovered around $105,200 on Thursday, reflecting a cautious crypto market rattled by escalating tensions between Israel and Iran and...

Next Post
Apple shares decline due to lower projected December quarter revenue.

Apple shares decline due to lower projected December quarter revenue.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Nigerian Fintechs Shine in CNBC’s 2025 Top 300 Global Fintech List

July 17, 2025
Battered Commodity Currencies Gain Attention Amid Dollar’s Decline.

Naira Weakens to N1,560/$1 Ahead of CBN’s 301st MPC Meeting

July 17, 2025

Popular Story

  • Navigating Inflation Crossroads: Nigeria’s Economic Odyssey Amidst Global Trends

    Nigeria’s Inflation Dips to 22.22% in June 2025, But Monthly Pressures Persist

    0 shares
    Share 0 Tweet 0
  • Nigeria’s E-Payment Transactions Reach Record High of N1.07 Quadrillion in 2024

    0 shares
    Share 0 Tweet 0
  • FG Takes Governors to Supreme Court Over Local Government Allocations

    0 shares
    Share 0 Tweet 0
  • CBN Introduces N100,000 Daily Cash-Out Limit for POS Transactions

    0 shares
    Share 0 Tweet 0
  • CBN and DMO at Odds as 364-Day Treasury Bill Rate Drops to Six-Month Low of 17.82%

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
?>