Sam Bankman-Fried, the founder and former CEO of FTX, has been found guilty on all seven criminal fraud counts against him. The FTX founder, who is 31 years old, now faces a maximum sentence of 115 years in prison. Bankman-Fried had pleaded not guilty to charges including wire fraud, securities fraud, and money laundering, which were tied to the collapse of crypto exchange FTX and sister hedge fund Alameda Research late last year.
The trial, which began in early October, featured the testimony of Bankman-Fried’s former close friends and top lieutenants, who cooperated as witnesses for the prosecution after pleading guilty to multiple charges in December. The government’s key witnesses included Caroline Ellison, Bankman-Fried’s ex-girlfriend and the former head of Alameda, and FTX co-founder Gary Wang, who was Bankman-Fried’s childhood friend from math camp.
In his remarks outside the Manhattan courthouse, US Attorney Damian Williams praised the jury’s decision, stating that the government has “no patience” for fraud and corruption. He added that the case should serve as a warning to other fraudsters, saying, “Those folks should think again and cut it out. And if they don’t, I promise we’ll have enough handcuffs for all of them”.