Sam Bankman-Fried was found guilty of all seven crimes and faced more than 100 years in prison

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A jury has returned a guilty verdict against former billionaire Sam Bankman-Fried on all charges following a month-long trial.

After less than five hours of deliberations, the jury found Sam Bankman-Fried (SBF) guilty of all seven charges brought by the U.S. government.

The seven crimes include:

2 counts of fraud
2 counts of conspiracy to defraud
1 count of securities fraud
1 count of conspiracy to commit cargo fraud
1 count of conspiracy to commit money laundering.

With these seven counts, SBF is likely to face 115 years in prison.

Previously, key FTX figures including former Alameda CEO Caroline Ellison, FTX co-founder Gary Wang and former FTX technical head Nishad Singh all admitted to multiple charges and cooperated with authorities officials to testify against Bankman-Fried.

During the trial, SBF denied all accusations and said that FTX’s collapse in November 2022 was just “a number of major mistakes.” However, all efforts were in vain and SBF was still found guilty.

Presiding Judge Lewis Kaplan set a sentencing date of March 28, 2024, with the second SBF trial scheduled for March 15, 2024, to avoid any unforeseen delays.

The post-trial motion schedule will be released on December 11, 2023.

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