After four and a half hours of deliberations, jurors at the Sam Bankman-Fried trial found him guilty of seven counts of fraud and conspiracy. His sentencing will be held on March 28, 2024. 

In a statement, lead defense lawyer Mark Cohen said, “We respect the jury’s decision. But we are very disappointed with the result. Mr. Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him.”

Bankman-Fried was on trial for misusing billions in customer funds from the crypto exchange FTX. He also committed fraud by funneling FTX customer funds to Alameda Research, a hedge fund company he owned.

Bankman-Fried consistently denied the charges against him. In his testimony during the trial, he admitted making mistakes, but said he did not defraud anyone. He said, “I made a number of small mistakes and a number of large mistakes.” 

In contrast, the prosecution’s witnesses, which included Bankman-Fried’s colleagues and friends, repeatedly said Bankman-Fried was the driving force behind FTX’s operations. 

FTX co-founder Gary Wang and Chief Technology Officer Nishad Singh testified that Bankman-Fried asked to tweak FTX code to allow Alameda, “special privileges” that other customers did not have. 

Caroline Ellison, CEO of Alameda and Bankman-Fried’s ex-girlfriend, also testified that Bankman-Fried was the primary decision-maker for both Alameda and FTX. 

Wang, Singh, and Ellison pleaded guilty to financial crimes as part of a deal with the prosecution. 

Bankman-Fried’s [parents](https://www.cryptoflash.report/articles/sbf-parents-are-his-biggest-supporters) were with him when the verdict was announced. 

Outside the courthouse, U.S. Attorney Damian Williams said, “Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history. This kind of fraud, this kind of corruption is as old as time. We have no patience for it.”

Fri Nov 03 2023

Sam Bankman-Fried Found Guilty

Sam Bankman-Fried Slated to Testify at His Trial

Sam Bankman-Fried Parents Are His Biggest Supporters. Here’s What We Know About Them

FTX Founder Sam Bankman-Fried Sent to Jail for Alleged Witness Tampering

FTX Founder Sam Bankman-Fried Sent to Jail for Alleged Witness Tampering

Sam Bankman-Fried Parents Are His Biggest Supporters. Here’s What We Know About Them

Fri Nov 03 2023 Sam Bankman-Fried Found Guilty

Sam Bankman-Fried Slated to Testify at His Trial

Sam Bankman-Fried Parents Are His Biggest Supporters. Here’s What We Know About Them

FTX Founder Sam Bankman-Fried Sent to Jail for Alleged Witness Tampering

FTX Founder Sam Bankman-Fried Sent to Jail for Alleged Witness Tampering

Sam Bankman-Fried Parents Are His Biggest Supporters. Here’s What We Know About Them

Fri Nov 03 2023

Sam Bankman-Fried Found Guilty