FTX’s Bankman-Fried found guilty on all fraud charges, faces 110 years in prison

Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, was found guilty on all charges in his monthlong fraud and conspiracy trial on Thursday, Nov. 2, nearly a year after his company filed for bankruptcy.

Bankman-Fried, 31, founded FTX, an exchange that allowed customers to buy and sell digital assets like Bitcoin. According to Forbes, the exchanges early success skyrocketed Bankman-Fried’s net worth to $26 million before he turned 30.

Bankman-Fried hired big name celebrities like Tom Brady to promote FTX as safe. One FTX Tom Brady commercial aired during Super Bowl LVI in 2022.

His trial began in Manhattan on Oct. 4, where three of Bankman-Fried’s former friends and colleagues testified against the Massachusetts Institute of Technology graduate. Bankman-Fried pleaded not guilty to all the charges saying he did not steal the funds, and testified in his own defense.

Bankman-Fried was convicted on seven counts of wire fraud, securities fraud, and money laundering after prosecutors say he was caught stealing $8 billion from his customers.

“Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history – a multibillion-dollar scheme designed to make him the King of Crypto – but while the cryptocurrency industry might be new and the players like Sam Bankman-Fried might be new, this kind of corruption is as old as time,” U.S. Attorney Damian Williams said. “This case has always been about lying, cheating, and stealing, and we have no patience for it.”

A 12-member Manhattan jury deliberated for four hours before delivering the guilty verdict. Bankman-Fried’s sentencing is set for Mar. 28. He faces up to 110 years in prison.