The Former founder and CEO of FTX, Sam Bankman-Fried has been found guilty of fraud and money laundering on Thursday, November 2, 2023.

Sam was arrested last year after his company, FTX, went bankrupt.  The Prosecutors had accused Sam of luring and lying to investors, stealing billions of dollars from cryptocurrency exchange FTX customers, and defrauding lenders to FTX’s sister company, the hedge fund Alameda Research, which held FTX customer funds in a bank account. They charged him with seven counts of fraud and money laundering. He pleaded guilty to all charge, stating that though he made a mistake, he acted in good faith.

More so, during his trial, Sam said he learned in 2020 that FXT customer funds were held by Alameda but he did not take action to safeguard them. When he knew that Alameda owed $8 billion to FXT in fall of 2022, no one was fired.

It was further discovered that three of his former close friends and colleagues, pleaded guilty and agreed to testify in hopes of getting his sentences reduced including his ex-girlfriend Caroline Ellison.

The lawyers said Sam made a risky move by taking the stand in his own defense, hoping to convince the jurors.

Sam’s sentencing has been set for 28 March 2024. He most likely face decades in prison.

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After his verdict, Sam Bankman-Fried’s lawyer, Mark Cohen said: “We respect the jury’s decision. But we are very disappointed with the result,” He maintains his innocence and will continue to fight the charges against him.

US Attorney, Damian Williams commended the jury’s verdict, saying that the government as “no patience” for fraud and corruption. Sam Bankman-Fried carried out one of the biggest financial frauds in American history, a multi-billion dollar scheme established to make him the Alpha of Crypto.

This case has always been about cheating stealing and lying, and we have no patience for it. Sam Bankman-Fried might be new, but this kind of fraud, corruption, is as old as time,” he added.