Crypto trade FTX founder Sam Bankman-Fried was discovered responsible of all of the seven legal counts he confronted, in line with Damian Williams, US legal professional for the Southern District of New York. The announcement was made on Thursday, November 2, 2023, after the verdicts following a month lengthy trial.
The FTX collapse in November 2022 marked one of many darkest phases for the crypto market, with the unfolding of the decline led to losses to the tune of billions of {dollars} for particular person traders.
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Largest Frauds In US Historical past
With the decision, Bankman-Fried faces a sentence with most jail time of 115 years. The FTX founder confronted costs on seven completely different counts, together with fraud and cash laundering. Lawyer Williams stated the lawsuit was “about mendacity, dishonest, and stealing.” The legal professional stated in a briefing:
“Sam Bankman-Fried perpetrated one of many greatest monetary frauds in American historical past. The cryptocurrency business is likely to be new. The gamers like Sam Bankman-Fried, Fried is likely to be new. However this type of fraud, this type of corruption, is as previous as time and we have now no persistence for it.”
One of many main accusations in opposition to the FTX founder was mismanagement of investor cash. In a current courtroom continuing, Bankman-Fried said the deposits had been diverted in a ‘threat administration’ train. He confronted allegations of utilizing a whopping $8 billion in investor cash for speculative buying and selling.
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