November 30, 2023

Photograph: AP/Elizabeth Williams


NEW YORK (AP) — FTX founder Sam Bankman-Fried’s spectacular rise and fall within the cryptocurrency business — a journey that included his testimony earlier than Congress, a Tremendous Bowl commercial and desires of a future run for president — hit all-time low Thursday when a New York jury convicted him of fraud for stealing at the very least $10 billion from clients and buyers.

After the monthlong trial, jurors rejected Bankman-Fried’s declare throughout testimony in Manhattan federal court docket that he by no means dedicated fraud or meant to cheat clients earlier than FTX, as soon as the world’s second-largest crypto change, collapsed into chapter 11 a 12 months in the past.

“Mr. Bankman-Fried. Please rise and face the jury,” Choose Lewis A. Kaplan commanded simply earlier than a jury forewoman responded “responsible” seven occasions to 2 counts of wire fraud, two counts of wire fraud conspiracy and three different conspiracy expenses, which carry potential penalties including as much as 110 years in jail. Bankman-Fried is more likely to face far lower than the utmost at a sentencing set for March 28.

As the decision was learn, Bankman-Fried appeared shocked, showing stone-faced, his palms clasped earlier than him, as his legal professionals remained sitting beside him. When he sat down, he seemed down for a number of minutes.

His lawyer, Mark Cohen, later learn a press release outdoors court docket to say they “respect the jury’s determination. However we’re very dissatisfied with the end result.”

“Mr. Bankman Fried maintains his innocence and can proceed to vigorously struggle the costs towards him,” Cohen mentioned.