Friday, 3 November 2023

Sam Bankman-Fried Is Found Guilty of 7 Counts of Fraud and Conspiracy

THE NEW YORK TIMES: The case against the founder of the failed FTX exchange had come to symbolize the excesses of the volatile cryptocurrency industry.

The FTX founder Sam Bankman-Fried, shown in February, was convicted on Thursday after a federal jury in Manhattan deliberated for more than four hours. | Hiroko Masuike/The New York Times

Sam Bankman-Fried, the tousle-haired mogul who founded the FTX cryptocurrency exchange, was convicted on Thursday of seven charges of fraud and conspiracy after a monthlong trial that laid bare the rampant hubris and risk-taking across the crypto industry.

Mr. Bankman-Fried became a symbol of crypto’s excesses last year when FTX collapsed and he was charged with stealing as much as $10 billion from customers to finance political contributions, venture capital investments and other extravagant spending. A jury of nine women and three men took just over four hours of deliberation on Thursday to reach a verdict, convicting Mr. Bankman-Fried of wire fraud, conspiracy and money laundering.

Together the counts carry a maximum sentence of 110 years. Mr. Bankman-Fried, 31, is expected to appeal. He’s scheduled to be sentenced on March 28.

Before the verdict was announced, Mr. Bankman-Fried, wearing a gray suit and purple tie, stood to face the jury, with his hands clasped in front of him. He showed little visible emotion as a juror repeated the word “guilty” seven times. He then took his seat, with his head angled down. » | David Yaffe-Bellany, Matthew Goldstein and J. Edward Moreno | Reporting from the Daniel Patrick Moynihan U.S. Courthouse in Manhattan | Thursday, November 2, 2023

ARTIKEL AUF DEUTSCH:

Kryptounternehmer Bankman-Fried in Betrugsprozess verurteilt: Sam Bankman-Fried wurde einst als Finanz-Genie gefeiert – und nun von New Yorker Geschworenen in einem Betrugsprozess schuldig gesprochen. Dem einstigen Star der Kryptowährungsbranche drohen Jahrzehnte im Gefängnis. »