The former FTX CEO was found guilty on all seven charges of fraud by the jury.
On Thursday, a jury of 12 people convicted Sam Bankman-Fried, the former CEO of FTX, guilty on all seven charges.
After a month-long trial in which the prosecution produced roughly 17 witnesses to the defense’s 3, including Bankman-Fried himself, the jury convicted the former CEO guilty. Gary Wang, Nishad Singh, and Caroline Ellison, formerly of Alameda as CEO and head of engineering, respectively, all testified against FTX co-founder Gary Wang.
The court date for Sam Bankman-Fried’s sentence is March 28. Bankman-Fried’s sentencing hearing will be presided over by the same judge who presided over his whole trial, Lewis Kaplan. The highest possible penalty for the former CEO is 115 years in prison.
Bankman-Fried’s lengthy four-day testimony included several “I don’t recall” admissions before the jury deliberated. Judge Lewis Kaplan repeatedly reprimanded him for failing to respond to the court’s queries.
Ellison’s statements in court were disputed by Bankman-Fried’s evidence, which included her admission that she had fabricated seven fictitious Alameda balance sheets at his request.
Bankman-Fried, on the other hand, denied having any such memory and expressed doubt that Ellison had ever provided him the file. Prosecutors said he opened it since Google’s information indicated as much.
Bankman-Fried’s comments ultimately focused on laying the blame on his staff. The prosecution portrayed Sam Bankman-Fried as a very involved, possibly too involved, leader who was aware of the actions and choices taken by his subordinates.
While the defense’s successes were less obvious during the prosecution’s case, Bankman-Fried’s attorneys scored a victory when Singh took the witness stand and got the ex-engineering head to admit that he knew he had to repay Alameda for the loans issued so that he could make political donations. Singh pleaded guilt on a charge of campaign financing violations.
However, Bankman-Fried’s legal troubles are far from over; the Department of Justice is currently investigating him on a campaign financing accusation. The case against Bankman-Fried, which had originally been one of eight, was dismissed in July when the Bahamas rejected to extradite him on that basis.
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