[NEWS] Former FTX CEO Bankman-Fried found guilty on all charges, could face life in prison

On the 2nd, a jury in the US District Court for the State of New York found Sam Bankman-Fried, founder and former CEO of the cryptocurrency exchange FTX, which collapsed last year, guilty of seven charges, including fraud.

The sentence is scheduled to be handed down on March 28th next year, and he could face up to 115 years in prison or life in prison. On the other hand, if Bankman-Fried admits to the series of crimes, there is a possibility that the sentence will be significantly reduced.

According to Reuters and other sources, Bankman-Fried's side continues to maintain his innocence and has stated that "we will continue to fight the lawsuit."

The trial began last month and lasted for about a month. Bankman-Fried consistently maintained his innocence throughout the trial, but there was no prospect of the situation improving as new facts were revealed one after another through testimony from former aides who had already admitted guilt.

In his testimony, it was revealed that Bankman-Fried had instructed him to falsify balance sheets and intentionally misappropriated client assets. In addition, his attitude of repeatedly giving vague answers to questions from the prosecution based on his testimony also contributed to the guilty verdict.

In response to the verdict, US Attorney for the Southern District of New York Damian Williams, who described Bankman-Fried's crime as "the largest financial fraud in American history," said, "These cases have been happening for a long time," and indicated his intention to continue pursuing Bankman-Fried's wrongdoings.

In addition to the crimes for which he was found guilty, Bankman-Fried is accused of five other charges, including conspiracy to commit bribery and securities fraud, and a new trial is expected to take place in March next year.

Bankman-Freed is expected to maintain her innocence on both counts, and if her former aides' testimony and her own answers are unclear, as in this case, her sentence could be extended.

Source:Announcement
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