After lower than 5 hours of deliberation, the jury discovered Sam Bankman-Fried (SBF) responsible of all seven expenses levied in opposition to him by the U.S. authorities.
SBF faces greater than 100 years in jail for his position in defrauding FTX clients out of roughly $8 billion value of their funds, primarily by giving Alameda Analysis particular privileges to borrow these funds with out restrict and spend them recklessly.
The seven expenses in opposition to him are wire fraud and conspiracy to commit wire fraud in opposition to FTX’s clients, wire fraud and conspiracy to commit wire fraud in opposition to Alameda Analysis’s lenders, conspiracy to commit securities fraud in opposition to FTX’s traders, conspiracy to commit commodities fraud in opposition to FTX clients and conspiracy to commit cash laundering.
Presiding Choose Lewis Kaplan has set the sentencing date for March 28, whereas the second SBF trial has been scheduled for March 15, barring any unexpected delays.
The post-trial movement schedule will probably be given out on Dec. 11.
The submit Sam Bankman-Fried found guilty on all 7 charges appeared first on CryptoSlate.
Discussion about this post