The co-founder & former CEO of crypto exchange FTX, Sam Bankman-Fried was on November 2, found guilty on all 7 counts related to fraud & money laundering
He also owned a trading firm called Alameda Research was charged with misappropriating billions of dollars of customer funds, about a year ago, few weeks after both companies filed for bankruptcy
A 12-member jury in Manhattan federal court, USA, convicted the 31-year-old former billionaire on all 7 counts he faced after a 5 week trial in which prosecutors made the case that he looted $8 billion from the exchange’s users out of sheer greed, according to Reuters
The jury took about 4 hours to come to a verdict on 6 counts relating to fraud & one count relating to money laundering
Bankman-Fried was said to had stole over $8 billion in customer funds. It would be recalled that trouble began after a faulty Alameda balance sheet was unveiled by CoinDesk in November 2022
