After a long trial of five weeks, the US Department of Justice (DOJ) has declared that Sam Bankman-Fried had fraud with the users on 7 different counts. The tentative date of sentencing FTX CEO was 28th March 2023 for which he was supposed to face lifetime imprisonment (approximately 115 years). However, the hearing was delayed upon the defendant’s claims. After a long five weeks of court trials, Sam Bankman-Fried was found guilty in all seven fraudulent counts.
SBF Found Guilty Of 7 Fraud Counts
Sam Bankman-Fried, the CEO (Chief Executive Officer) of defunct exchange FTX has been declared as the culprit who has fooled the people on seven counts;
- Wire Fraud With the FTX Customers
- Conspired to commit wire fraud for personal gains by the misuse of customers’ funds
- Conspired to commit the Securities fraud
- Conspired to commodity fraud
- Involved in money laundering
- Moved funds from FTX to his hedge funds, Alameda research
- Alameda Research funding case
How do Attorneys and SBF’s Parents Respond to the Judicial Decision?
Damian William, a US attorney shared his view about the case outside the court. He said that the wire crimes committed by Sam Bankman-Fried has been one of the biggest financial fraud in history. This is the severe and intolerable kind of corruption which cannot be let go easily. He will have to pay for what he did for personal gain.
In response, the defendant’s attorney said that SBF does respect the court’s decision but maintains that he is innocent and will keep fighting for the alleged charges. Sam Bankman-Fried has been imprisoned and facing a judicial hearing to be on the stance of being innocent and he is determined to vigorously fight the allegations. His parent also seemed to be in great sorrow upon the court’s decision.
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