Artifact of
Mr. Bankman-Fried with his lawyers

Who is Sam Bankman-Fried?

KryptoLenz - Sanjeewa
KryptoLenz - Sanjeewa

Table of Contents

The creator of FTX was found guilty on seven counts, and he could spend decades behind bars.

Sam Bankman Fried: Who is he?

Bankman-Fried and Gary Wang, a former Google employee, co-founded the cryptocurrency exchange FTX in 2019. In 2017, he also established Alameda Research, the hedge fund that partners with the corporation.

FTX declared bankruptcy on November 11, 2022, and Bankman-Fried left his position as CEO.

For what offense was Sam Bankman - Fried convicted ?

Bankman-Fried was found guilty on seven offenses involving fraud, money laundering, and conspiracy to perpetrate these crimes. The case was described as one of the largest financial scams on record.

Stealing customer funds: (Will a billionaire :( do such stuff! )

  • One count of wire fraud: This occurs when an illegal act is carried out through electronic communications.
  • Two offenses of fraud conspiracy: This means that at least one other individual participated in the crime; in this instance, it was his former executives who entered a guilty plea in an effort to receive a reduced sentence.
  • One count of conspiring to conduct commodities fraud: This includes engaging in unlawful behavior related to the buying and selling of commodities, including virtual currencies.

His ex-girlfriend and Alameda Research's former CEO, Caroline Ellison, entered a guilty plea and testified against Bankman-Fried for having given her orders to steal money from clients.

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His ex-girlfriend and Alameda Research's former CEO, Caroline Ellison

Is Bankman-Fried able to fight?

  • According to Reuters, he is probably going to request that the 2nd US Circuit Court of Appeals reconsider his conviction as well as the decisions made against him both before to and during the trial.
  • In a statement, Mark Cohen, Bankman-Fried's attorney, expressed his "disappointment" but acknowledged and appreciated the jury's verdict.
  • He declared, "Mr. Bankman-Fried will continue to vigorously fight the charges against him and maintains his innocence."

It is anticipated that he will stay in a Brooklyn jail until his sentence is decided. August saw Bankman-Fried sent in jail after charges of tampering with witnesses prior to the start of the trial.

In March 2024, the ex-businessman will stand trial again on five more counts, one of which is bribery.