Sam Bankman-Fried — the CEO of FTX, a cryptocurrency firm mired in controversy — is doubtlessly going through fairly a hefty jail sentence. A jury discovered him responsible of fraud, cash laundering, and conspiracy.
Sam Bankman-Fried Allegedly Tried To Scam His Way To Being “The King Of Crypto”
According to NBC News, the ruling arrived on Thursday (Nov. 2). A New York City jury particularly discovered Sam Bankman-Fried responsible on seven counts. A decide will sentence him on Mar. 28, 2024.
Notably, the 31-year-old doubtlessly faces a whopping 110 years behind bars if he receives large, consecutive sentences.
CBS News stories that Damian Williams, an legal professional representing the Southern District of New York, mentioned Sam Bankman-Fried tried to change into “the king of crypto” by “perpetrat[ing] one of the biggest frauds in American history.”
“Sam Bankman-Fried perpetrated one of the biggest frauds in American history, a multibillion-dollar scheme designed to make him the king of crypto. 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.”
In response to the ruling, Mark S. Cohen, one in all Bankman-Fried’s legal professionals, reportedly mentioned his shopper “maintains his innocence.” He additionally famous that they’ll “continue to vigorously fight the charges against him.”
“We 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.”
It’s value including that Sam Bankman-Fried will stand trial over separate prices in March 2024.
More On The FTX Situation
This improvement comes a few 12 months after FTX formally went bankrupt. In November 2022, prosecutors accused the huge firm of swindling $8B and perpetrating fraud “from the start” of the enterprise, based on CNBC.
As The Shade Room reported, the scenario threw a number of high-ranking celebrities into the recent seat, because the U.S. Security and Exchanges Commission (SEC) took difficulty with them endorsing FTX. Big-name athletes like Steph Curry and Tom Brady have been thrown into the combo.
Additionally, the world the place the Miami Heat hosts video games needed to be renamed the Kaseya Center after being beforehand generally known as FTX Arena, per AP News.
According to NBC News, Sam’s ex-colleagues will possible face sentencing after a decide sentences Bankman-Fried.
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