Sam Bankman-Fried Found Guilty of Fraud in Collapse of FTX
Summary from the AllSides News Team
Disgraced cryptocurrency magnate Sam Bankman-Fried was found guilty Thursday on all charges stemming from the fall of his crypto exchange, FTX.
The Details: A New York jury found Bankman-Fried guilty of two counts of wire fraud and five counts of conspiracy. Prosecutors accused him of misleading investors, embezzling billions of dollars in customer funds, and directing other FTX executives to help him. It's the first of two criminal trials against the former CEO. He'll be sentenced in March but may appeal.
Key Quotes: "This is not about complicated issues of cryptocurrency," Assistant U.S. Attorney Nicolas Roos said Wednesday. "It’s not about hedging, it’s not about technical jargon. It’s about deception; it’s about lies; it’s about stealing; it’s about greed." After the verdict, Bankman-Fried's lawyer said his client "maintains his innocence and will continue to vigorously fight the charges against him."
How the Media Covered it: Sources across the spectrum covered the news prominently and with minimal political slant Friday morning. There were some discrepancies in reporting the potential severity of Bankman-Fried's sentence. CNBC (Center bias) said Bankman-Fried faces up to 115 years in prison, Fox News (Right bias) said the number was 110, and New York Daily News (Left bias) said he faces "over a century."
Featured Coverage of this Story
From the Center
Sam Bankman-Fried found guilty on all seven criminal fraud counts
A jury has found Sam Bankman-Fried guilty of all seven criminal counts against him. The FTX founder faces a maximum sentence of 115 years in prison.
Bankman-Fried, the 31-year old son of two Stanford legal scholars and graduate of the Massachusetts Institute of Technology, was convicted of wire fraud and conspiracy to commit wire fraud against FTX customers and against Alameda Research lenders, conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering.
He had pleaded not guilty to the charges, which were...
From the Right
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...
From the Left
NYC jury finds Sam Bankman-Fried guilty on all charges in cryptocurrency fraud trial
A jury unanimously found the former golden boy of cryptocurrency, Sam Bankman-Fried, guilty on all counts on Thursday.
Culminating his stunning fall from grace, he was convicted of wire fraud, conspiracy and money laundering targeting the customers, investors and lenders of Bankman-Fried’s companies, FTX and Alameda Research.
He faces over a century in prison after pleading not guilty to all seven charges earlier this year.
The verdict, delivered by a jury of three men and nine women, marks the end of a monthlong trial during which prosecutors presented a mountain of evidence...
AllSides Picks
May 11th, 2024
May 10th, 2024
May 9th, 2024
More News about Banking and Finance from the Left, Center and Right
From the Left
From the Center
From the Right
