Sam Bankman-Fried was convicted of all counts and faces up to 110 years in prison

The jury found Sam Bankman-Fried guilty of all charges in the FTX fraud trial.

Sam Bankman-Fried, founder of failed cryptocurrency exchange FTX, was found guilty of all charges in a fraud trial on Thursday. A 12-member federal jury found Bankman-Fried guilty on seven criminal charges related to the shocking collapse of FTX last year.

The verdict was handed down after a month-long trial in federal court in Manhattan. Prosecutors portrayed the 30-year-old former billionaire as a lying fraudster who stole billions of dollars in FTX customer funds to cover losses at its hedge fund, Alameda Research.

Sam Bankman-Fried was convicted of wire fraud, securities fraud, conspiracy, and money laundering. When the sentencing is scheduled for March 2024, he faces up to 110 years in prison.

The jury deliberated for only two days before reaching a unanimous verdict on all counts. As the verdict was read, Bankman-Fried looked straight ahead and did not react.

Swift convictions stand in stark contrast to most complex white-collar crime cases, which often require lengthy jury deliberations. Prosecutors provided extensive information showing that Bankman-Fried lied to investors about FTX's finances and used customer funds to make unauthorized high-risk bets through Alameda Research.

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