Sam Bankman-Fried convicted of multi-billion dollar FTX fraud
Posted on AllSides November 3rd, 2023
From The Center
FTX founder Sam Bankman-Fried was found guilty on Thursday of stealing from customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record, a verdict that cemented the 31-year-old former billionaire's fall from grace.
A 12-member jury in Manhattan federal court convicted Bankman-Fried on all seven counts he faced after a monthlong trial in which prosecutors made the case that he looted $8 billion from the exchange's users out of sheer greed.
The verdict came just shy of one year after FTX filed for bankruptcy in a swift corporate meltdown that shocked...
