Sam Bankman-Fried found guilty on fraud charges

FTX founder Sam Bankman-Fried has been found guilty on all charges related to the collapse of his now-bankrupt cryptocurrency exchange in the first of two criminal trials against the former CEO.

A New York jury in Manhattan federal court agreed with prosecutors that Bankman-Fried defrauded investors, customers and lenders in connection with the collapse of his crypto empire. 

Prosecutors accused Bankman-Fried, who founded and controlled both FTX and sister hedge fund Alameda research, of misappropriating and embezzling billions of dollars in FTX customer deposits, scheming to mislead investors, and instructing other executives at his businesses to do the same.