Sam Bankman-Fried Guilty on All FTX Fraud Charges: Jury Verdict
Sam Bankman-Fried (SBF), the founder of the FTX crypto exchange, has reportedly pleaded guilty to defrauding customers a year after the exchange's collapse.
The 12-member jury unanimously returned guilty verdicts on all seven counts of fraud. Prosecutors said in the indictment that he stole $8 billion from sales customers and acted out of greed.
The jury renders a final verdict: Sam Bankman-Fried Guilty
According to a recent report, the jury reached its verdict after four hours of deliberation.
U.S. District Judge Lewis Kaplan scheduled SBF's sentencing for March 28, 2024.
Read more: FTX Collapse Explained: How the Sam Bankman-Fried Empire Collapsed
As SBF has maintained its plea of not guilty to seven counts of fraud, SBF's legal team is said to be planning to appeal the verdict.
However, SBF's legal challenges continue. US prosecutors have brought additional charges against him for alleged foreign bribery and bank fraud conspiracy. He faces a separate trial for those charges.
SBF upheld, dismissed guilty plea for lesser sentence
The SBF appears to have had no intention of negotiating with prosecutors for a reduced sentence in exchange for a guilty plea.
BeenCrypto reported on October 4 that SBF had refrained from participating in any plea agreement discussions before the trial began.
As the trial began, Judge Kaplan gave SBF one last chance to testify before the jury went into court.
Learn more: Who is FTX's new CEO, John J. Ray III?
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