Enlarge / Sam Bankman-Fried leaves court in New York on Thursday, Feb. 16, 2023. (credit: Getty Images | Bloomberg)
FTX founder Sam Bankman-Fried was convicted of defrauding customers by a federal jury today. He was convicted on all seven counts, Reuters and other news outlets reported. The 12-member jury returned the verdict after several hours of deliberation.
The seven charges are wire fraud on customers of FTX, conspiracy to commit wire fraud on customers of FTX, wire fraud on lenders to Alameda Research, conspiracy to commit wire fraud on lenders to Alameda Research, conspiracy to commit securities fraud on investors in FTX, conspiracy to commit commodities fraud on customers of FTX in connection with purchases and sales of cryptocurrency and swaps, and conspiracy to commit money laundering.
The five charges related to wire fraud and money laundering carry maximum sentences of 20 years each, while the two securities and commodities fraud charges have maximum sentences of five years each. US District Judge Lewis Kaplan will determine the actual sentence.
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