Sam Bankman-Fried, founder of collapsed crypto exchange FTX, was found guilty on all seven counts of fraud he faced, including wire fraud and securities fraud. A federal jury in New York returned the guilty verdicts after just hours of deliberation. The case revolved around accusations that Bankman-Fried misappropriated billions of dollars in customer funds from FTX for investments and activities at Alameda Research. Prosecutors argued this constituted criminal fraud. Bankman-Fried maintained his innocence on the stand but the jury sided with the prosecution's argument that he purposely misled investors and customers. Bankman-Fried now faces up to 115 years in prison at sentencing.
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00:00 It's Benzinga and here's what's on the block.
00:02 Sam Bankman-Fried, founder of collapsed crypto exchange FTX, was found guilty on all seven
00:07 counts of fraud he faced, including wire fraud and securities fraud.
00:10 A federal jury in New York returned the guilty verdicts after just hours of deliberation.
00:15 The case revolved around accusations that Bankman-Fried misappropriated billions of
00:18 dollars in customer funds from FTX for investments in activities at Alameda Research.
00:24 Prosecutors argued this constituted criminal fraud.
00:27 He maintained his innocence on the stand, but the jury sided with the prosecution's
00:30 argument that he purposely misled investors and customers.
00:34 Bankman-Fried now faces up to 115 years in prison at sentence.
00:37 For all things money, visit Benzinga.com.
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