Founder and former Chief Executive Officer of FTX, Sam Bankman Fried was found guilty this evening of 7 counts of fraud and conspiracy by a jury in New York City.
Bankman-Fried’s FTX crypto currency exchange filed for bankruptcy in November last year. The following month he was extradited from The Bahamas, where his company was headquartered, to the United States to face charges related to the illegal use of customer funds.
The trial lasted approximately four weeks with several top executives of FTX and Alameda Research, Bankman-Fried’s crypto trading firm, testifying against the former billionaire after pleading guilty to various charges and agreeing to cooperate with prosecutors.
Bankman-Fried is set to be sentenced in March 2024.