Guilty on All Counts: Former FX CEO Sam Bankman-Fried Faces Potential Century-Long Sentence
The
ex-FTX CEO has been found guilty by a jury of his peers, according to several reports on Thursday evening. The 31-year-old Sam Bankman-Fried was charged in December 2022, about a month after the exchange collapsed. Bankman-Fried had a sweeping set of allegations, as
prosecutors accused him of orchestrating an extensive plan to mismanage billions of dollars in customer deposits entrusted to FTX.
These charges also implicated him in deceiving both FTX investors and lenders, as well as those associated
with Alameda Research.
In the courtroom, during discussions, the defense and prosecutors engaged in a lively debate regarding the scheduling of the sentencing. While the judge proposed December 11, 2023, as the ideal date for the sentencing, the prosecution expressed a desire for additional time to prepare.
A sentencing date was eventually scheduled for March 28, 2024.
Bankman-Fried is confronted with the daunting
prospect of spending over a century behind bars for the convictions he has incurred. In an emailed statement to NBC, Bankman-Fried’s lawyer Mark Cohen said,
“Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him.”
