FTX Founder Sam Bankman-Fried Headed To Prison, What Was He Convicted Of?

The jury in the trial of the former CEO of the defunct crypto exchange FTX, Sam Bankman-Fried (SBF), gave its verdict on November 2 in what signals the beginning of the end for the one-time billionaire who faces a long prison term following his conviction.

Sam Bankman-Fried Guilty Of All Seven Charges

The members of the jury were tasked with giving a verdict on each of all the charges for which Bankman-Fried was standing trial. Following their deliberation, which ran late into the night on November 2, they found him guilty of the seven charges leveled against him by the prosecution.

These charges included wire fraud of FTX customers, conspiracy to commit wire fraud on FTX customers, wire fraud on lenders to Alameda Research, conspiracy to commit wire fraud on lenders to Alameda Research, conspiracy to commit securities fraud on FTX investors, conspiracy to commit commodities fraud on FTX customers, and conspiracy to commit money laundering.

The jury’s decision came after AUSA Danielle Sassoon led the rebuttal on behalf of the prosecution, where the counsel once again highlighted overt acts that showed that the defendant had committed fraud. She also asserted that the prosecution had undoubtedly discharged the burden of proof that was placed on them. 

On the other hand, the defense had no case and couldn’t even refute the evidence that the prosecution had tendered because they were true. AUSA Sassoon highlighted the spreadsheet, which showed Alameda Research’s $65 billion line of credit, which the defense had no answer to. 

FTT Token price falls after Jury decision | Source: FTTUSDT on Tradingview.com

What’s Next In The FTX Founder’s Case?

Following his conviction, Bankman-Fried is heading back to jail. However, the case isn’t over yet, as Judge Lewis Kaplan will still need to sentence the defendant. Having been found guilty of all charges, he faces a maximum sentence of 110 years in prison. 

It, however, remains to be seen if the maximum sentence will handed down to him as certain factors will play a role in his decision. One of those factors will be the Pre-Sentence Report (PSR), which the probation officer will prepare to help guide Judge Kaplan on the sentence to give.

Bankman-Fried’s sentencing is slated for March 28, 2024, as Judge Kaplan mentioned. Before then, both parties will file their post-trial motions on or before December 11, giving Bankman-Fried and his lawyers to make their displeasure known on how the trial was conducted and possibly ask for a new trial. 

Meanwhile, following the verdict, Judge Kaplan had inquired from the prosecution if they still planned to go on with the second trial against the defendant, where they intended to bring other charges against him, including campaign finance violation. He stated that they had until February 1, 2024, to make a decision and give him an update. 

Featured image from American Banker, chart from Tradingview.com