Ex-crypto mogul Sam Bankman-Fried convicted of defrauding FTX customers
- thewilliamsmith
- Nov 3, 2023
- 1 min read
FTX founder Sam Bankman-Fried has been found guilty of defrauding customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record. A 12-member jury in Manhattan federal court convicted the 31-year-old after a month-long trial in which prosecutors made the case that he stole $US8 billion ($12.4 billion) from the exchange's customers out of sheer greed.
The verdict came just shy of one year after FTX filed for bankruptcy in a swift corporate meltdown that shocked financial markets and erased his estimated $US26 billion personal fortune.
Bankman-Fried, who is a Massachusetts Institute of Technology graduate whose mother and father are both Stanford University law professors, had pleaded not guilty to two counts of fraud and five counts of conspiracy.
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