Sam Bankman-Fried Found Guilty of All 7 charges

Sam Bankman-Fried, former head of FTX crypto exchange, has been convicted of cheating customers, lenders, and investors. His actions led to one of the largest financial frauds in America, causing billions in losses.

He was found guilty of two main crimes: fraud against FTX lenders and customers, and five conspiracy charges. These include planning to commit fraud, cheating in commodities and securities, and money laundering. He could get up to 115 years in jail.

As the guilty verdict was announced, his parents, Joseph Bankman and Barbara Fried, were looking really upset in the courtroom. Despite this, Bankman-Fried managed asmile towards his parentsbefore leaving.

His lawyer, Mark Cohen, expressed disappointment and said Bankman-Fried insists he’s innocent and they plan to fight the charges.

A year ago, Bankman-Fried’s crypto business collapsed FTX and Alameda Research, which he also helped start, revealed a huge financial gap, causing customer losses in the billions.

He was arrested in the Bahamas and sent to the U.S. He stayed in jail during the trial after accusations of witness tampering.

The trial has been closely watched by the crypto world after FTX’s crash, which hurt many investors. Bankman-Fried's efforts to defend himself on the stand didn't convince the jury. He said he didn’t realize the problems until it was too late and admitted to oversight failures. His lawyer claimed that being bad at business isn't a crime.

However, prosecutors argued that Bankman-Fried was fully aware of the fraud, showing evidence from three ex-FTX executives who have pleaded guilty to charges. Their sentences are still pending.