FTX CEO Sam Bankman-Fried Found Guilty on All 7 Fraud Charges

Sam Bankman-Fried was found guilty on all seven counts of fraud and conspiracy in the FTX trial.
The jury reached a unanimous verdict in just over four hours, reflecting their determination to assess the charges against the accused.
Bankman-Fried could face up to 115 years in prison when he is sentenced on March 28, 2024.

On the afternoon of November 2, 2023, an earthshaking event occurred in the FTX trial, leaving an indelible mark on the pages of American legal history. Around 3:00 pm, following careful deliberations, the twelve jurors – all from New York – reached a unanimous guilty verdict against Sam Bankman-Fried, in one of the most notorious fraud cases the nation has ever seen.

The deliberations started shortly after 3 p.m. ET and, remarkably, a consensus was achieved by 7:40 p.m., underscoring the jurors’ determination in assessing the charges against the accused.

The Courtroom Scene

Upon the reading of the verdict, the courtroom witnessed a stoic Bankman-Fried, urged by the judge to face the jury. Meanwhile, the jurors were directed to focus their attention on the judge and court clerk. The gravity of the moment was palpable, more so with Bankman-Fried’s parents in attendance, who maintained a composed demeanor throughout. As the verdict was announced, his father, Joseph Bankman, sat with his head in his lap while his mother, Barbara Fried, remained upright, her gaze fixed ahead.

Also Read: Here’s How Sam Bankman-Fried’s Risky Moves Led to Million in Losses

Upcoming Sentencing

A sentencing date has been set for 28th March 2024, where Bankman-Fried could potentially face up to 115 years in prison, reflecting the severity of the fraud perpetrated. Following the verdict, U.S. Attorney Damian Williams emphasized outside the courthouse that Bankman-Fried orchestrated one of the most substantial financial frauds in American history, underscoring a narrative of corruption and deception extending back thousands of years.

What Next?

In light of the verdict, an appeal seems forthcoming. Defense lawyer Mark Cohen shared that while Bankman-Fried respects the jury’s decision, he continues to assert his innocence and is poised to “vigorously fight the charges.”

The courtroom narrative came to an end with a touching scene as Bankman-Fried, after the judge’s departure, engaged in a brief discussion with his attorneys before heading towards the exit. It was only then that he turned towards the viewing gallery, offering a nod, a half-smile, and a blink to his parents, who were seen consoling each other. This heartrending moment captured the emotional weight carried by all those involved in this landmark case.