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SBF was convicted of 7 counts of fraud, facing a maximum sentence of 115 years.
FTX founder SBF convicted of 7 counts of fraud, facing a maximum sentence of 115 years.
On the one-year anniversary of the FTX collapse, its founder Sam Bankman-Fried (SBF) was found guilty by a jury of 7 counts of fraud. If convicted, he faces a maximum sentence of 115 years in prison. Sentencing is scheduled for March 28, 2024, and although SBF has the right to appeal, the situation seems quite unfavorable for him given the month-long court trial.
This week, SBF completed his 4-day testimony. After 3 PM Eastern Time on Thursday, the 12 jurors began deliberating. Surprisingly, the jury reached a unanimous decision in less than 5 hours, finding SBF guilty of all 7 counts of fraud he was charged with.
The charges include wire fraud and conspiracy to commit fraud against FTX customers and Alameda lenders, securities fraud against FTX investors, commodities fraud against FTX customers, and conspiracy to commit money laundering. The maximum prison sentence for each charge ranges from 5 to 20 years. Prosecutors have called it "one of the largest financial fraud cases in American history."
During the sentencing, SBF remained silent while his parents showed obvious emotional reactions. It is worth noting that SBF will also face another trial for 5 criminal charges in March 2024.
During the four-day testimony, SBF's performance was heavily criticized. He often responded with "I don't remember" or shifted the responsibility to others. The judge repeatedly reminded him to answer the questions directly. SBF claimed he was not involved in the daily trading decisions of Alameda Research and attributed the collapse of FTX to the failure of Alameda head Caroline Ellison to effectively hedge market risks.
SBF's defense attorney Mark S. Cohen emphasized that SBF's actions were taken in "good faith" and attributed the failure of FTX to "communication mistakes" and "errors" in the "real world," rather than intentional fraud. However, the prosecution pointed out that SBF intentionally conspired to deceive FTX's clients, lenders, and investors, misappropriating client funds for venture capital, political donations, and expensive real estate.
Sequoia Capital partner Alfred Lin expressed support for the conviction of SBF on social media, believing that this ruling confirms that SBF misled and deceived many people, including customers, employees, business partners, and investors.
This ruling marks an important development in the SBF case hearing. Based on the lengthy one-month hearing, the final sentencing outcome may meet public expectations.