{"id":9739,"date":"2023-11-03T00:45:51","date_gmt":"2023-11-03T04:45:51","guid":{"rendered":"https:\/\/usa.businessupturn.com\/?p=9739"},"modified":"2023-11-03T00:45:51","modified_gmt":"2023-11-03T04:45:51","slug":"ftxs-sam-bankman-fried-found-guilty-on-all-7-counts","status":"publish","type":"post","link":"https:\/\/www.businessupturn.com\/usa\/ftxs-sam-bankman-fried-found-guilty-on-all-7-counts\/9739\/","title":{"rendered":"FTX\u2019s Sam Bankman-Fried found guilty on all 7 counts"},"content":{"rendered":"<p><strong>New York:<\/strong> Sam Bankman-Fried, co-founder and former CEO of collapsed crypto exchange FTX, has been found guilty on all seven counts related to fraud and money laundering. The US Attorney\u2019s office at the Southern District of New York said in a statement late Thursday that Bankman-Fried perpetrated one of the biggest financial frauds in American history \u2014 a multibillion-dollar scheme designed to make him the \u2018King of Crypto\u2019. A New York jury found Bankman-Fried (31) guilty of two counts of wire fraud conspiracy, two counts of wire fraud, and one count of conspiracy to commit money laundering, each of which carries a maximum sentence of 20 years in prison. He was also convicted of conspiracy to commit commodities fraud and conspiracy to commit securities fraud, each of which carries a maximum sentence of five years in prison.<\/p>\n<p>\u201cWhile the cryptocurrency industry might be new and the players like Sam Bankman-Fried might be new, this kind of corruption is as old as time. This case has always been about lying, cheating, and stealing, and we have no patience for it,\u201d said US Attorney Damian Williams. The decision was given following a five-week trial. The US Department of Justice charged Bankman-Fried about 11 months ago. In his trial, Bankman-Fried testified that he didn\u2019t defraud FTX customers or take their funds. The seven charges bring a total possible sentence of 115 years in prison for the defendant. He is set to be sentenced by Judge Lewis Kaplan on March 28 next year and faces decades in prison. FTX \u2014 once the world\u2019s second-largest cryptocurrency exchange \u2014 filed for bankruptcy in November last year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York: Sam Bankman-Fried, co-founder and former CEO of collapsed crypto exchange FTX, has been found guilty on all seven\u2026<\/p>\n","protected":false},"author":28,"featured_media":9740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[74],"tags":[2727,321,2726,2740,795,2725],"class_list":["post-9739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money","tag-cryptocurrency-fraud","tag-department-of-justice","tag-ftx","tag-guilty","tag-new-york","tag-sam-bankman-fried"],"reading_time":"2 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/9739","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/users\/28"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/comments?post=9739"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/9739\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media\/9740"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media?parent=9739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/categories?post=9739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/tags?post=9739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}