Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Business

Jury returns verdict in Sam Bankman-Fried fraud trial

by November 3, 2023
November 3, 2023
Jury returns verdict in Sam Bankman-Fried fraud trial

A jury has found Sam Bankman-Fried Thursday guilty on all counts in the fraud trial against the former crypto billionaire.

CNBC reported at around 4:55 p.m. Pacific time that the jury found Bankman-Fried guilty. The verdict was reached around four hours after the jury began deliberations.

The co-founder of the digital currency exchange FTX was charged with seven counts of wire fraud, securities fraud and money laundering that defrauded customers of his digital currency exchange, FTX, and lenders to its affiliated hedge fund, Alameda Research.

He faces up to 115 years in prison, according to CNBC.

FTX and Alameda quickly collapsed in November 2022 after some of their financial liabilities were exposed. The fact that Alameda had taken billions of dollars from FTX’s customers, and that much of Alameda’s balance sheet was comprised of digital currency assets it had created, was central to the case against Bankman-Fried.

Unnerved by disclosures about the firm’s financial position, many of FTX’s customers tried to get their money back. That set off the equivalent of a bank run. The value of Alameda’s investments crashed, and FTX couldn’t return much of that money because it had been given to Alameda. Some went to the fund’s lenders, and billions were spent on sponsorships, commercials, and loans to top executives. That, too, was a major part of the case against Bankman-Fried.

Much of FTX and Alameda’s leadership were also charged after the firms went under. Former Alameda CEO Caroline Ellison, FTX co-founder Gary Wang, and FTX technology chief Nishad Singh all pleaded guilty to the charges against them. They agreed to cooperate with the prosecution and testify against Bankman-Fried in exchange for lighter sentences.

Bankman-Fried’s lawyers contended that he did not intend to defraud anyone and that the government was looking for someone to blame after the failures of FTX and Alameda.

Forbes had once estimated that Bankman-Fried’s stakes in Alameda and FTX were worth $26 billion. He was 29 at the time. But after the bankruptcies, that was gone. Criminal charges followed weeks later.

He also faces another trial on charges of bribing foreign officials and other counts. That trial is scheduled to begin in March, and Bankman-Fried has pleaded not guilty to all charges.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
What Can the VIX Reveal To Us In November 2023?
next post
House GOP passes Israel aid bill offset by IRS funding cuts

Related Posts

Disney drops all but free speech claim in...

September 12, 2023

Mortgage rates are now at the highest level...

April 19, 2024

Mediterranean restaurant chain Cava’s stock soars as much...

June 17, 2023

Wall Street CEOs say proposed banking rules will...

December 7, 2023

Spirit Airlines is canceling flights so it can...

October 21, 2023

Average credit card balances jump 10% to a...

February 9, 2024

Biden administration bans noncompete agreements, setting up legal...

April 24, 2024

Walmart says more diners are buying its groceries...

May 17, 2024

Shoppers are flocking to Temu for cheap deals...

June 12, 2023

CVS responds quickly after pharmacists frustrated with their...

October 1, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Run Your Stock Portfolio Like a Pro Sports Team

    • Leadership Rotation Could Confirm Corrective Phase

    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right Now

    • 1911 Gold Temporarily Suspends Operations at True North Complex due to Bissett Evacuation Order

    • Ontario Backs Down on Key Bill 5 Provisions, Echoes BC’s Mining Debate

    • Appeals Court Grants Trump Temporary Reprieve on Tariffs, “TACO” Taunts Gain Steam

    Categories

    • Business (1,223)
    • Investing (2,503)
    • Politics (3,699)
    • Stocks (1,614)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved