FTX founder found guilty of fraud

The New York jury handling the case of Sam Bankman-Fried, founder of the FTX cryptocurrency platform, found him guilty of the seven crimes of fraud and money laundering with which he was charged.

The trial against Bankman-Fried, 31, lasted almost a month. The New York jury of twelve members reached a guilty verdict for defrauding thousands of victims who lost their money at the hands of the platform.

The hearings in the process took three days. The founder of FTX had already pleaded not guilty to the charges against him. He even denied that he knew of the mismanagement of FTX and its sister company, Alameda Research.

However, he could not convince the jury that he never had bad intentions against the clients.

“Deputy prosecutor Danielle Sassoon subjected Bankman-Fried to harsh questioning, pointing out contradictions between her private and public statements and obtaining her confession, for example, that FTX gave a large line of privileged credit to Alameda, which used the funds of customers to play, as he stated in closing arguments.”

It is important to remember that Sam Bankman-Fried was charged with allegedly diverting almost $9 billion from FTX clients for other purposes. The die is cast and a sentence of almost one hundred years in prison awaits him, despite the fact that the sentence is pending.

The US Department of Justice considers the conviction a victory that marks a milestone in the crypto market. It is a victory that sends a clear message to the industry that fraud and harm to investors and customers will not be tolerated.

M.Pino

Source: Pagina12

(Reference image source: @bancaynegocios, red social X)

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