, could face up to 110 years in prison.
Sam Bankman Fried, the CEO of FTX — a cryptocurrency firm mired in controversy — could face a lengthy prison sentence. A jury found him to be guilty of fraud and money laundering.
Sam Bankman Fried allegedly tried to scam his way into being “The King of Crypto”
According to NBC News the decision was made on Thursday, November 2. Sam Bankman Fried was found guilty of seven specific counts by a New York City jury. On March 28, 2024, a judge will decide his fate. 28, 2024.
The 31-year old could face a staggering 110 years in prison if he is given consecutive sentences of extreme severity.
CBS News reported that Damian Williams of the Southern District of New York said Sam Bankman Fried tried to “become the king of cryptography” by “perpetrating” a series of crimes.[ing] “One of the biggest frauds that has ever occurred in American history.”
“Sam Bankman Fried perpetrated a fraud that was one of the largest in American history. It was a multi-billion dollar scheme to make him king of cryptocurrency. The cryptocurrency industry may be new. Players like Sam Bankman Fried might be new. “This kind of fraud and corruption is old, but we will not tolerate it.”
Mark S. Cohen said that his client, Bankman-Fried, “maintains” his innocence. He added that the firm will “continue vigorously to fight the charges brought against him.”
“We respect the decision of the jury.” We are disappointed in the outcome. “Mr. Bankman Fried maintains that he is innocent and will continue to fight against the charges brought against him.”
Sam Bankman Fried will be tried in March 2024 on separate charges.
More on the FTX Situation
This news comes a little over a year after FTX declared bankruptcy. CNBC reported that in November 2022, prosecutors charged the company with swindling 8B dollars and committing fraud “from day one” of its business.
The Shade Room reported that the U.S. Security and Exchanges Commission took issue with celebrities endorsing FTX. Tom Brady and Steph Curry, two of the biggest athletes in the world, were also thrown into this mix.
According to AP News, the stadium where the Miami Heat plays its home games has been renamed Kaseya Center. It was previously called FTX Arena.
According to NBC News Sam’s former colleagues will likely be sentenced after a court sentences Bankman Fried.
RELATED: Soulja Boy, Ne-Yo, Akon Among Eight Celebs Charged By SEC For Crypto Promotion Scheme
The post Convicted! Sam Bankman-Fried, a crypto entrepreneur who was found guilty of fraud first appeared on twoler.Convicted! Sam Bankman-Fried, a crypto entrepreneur who was found guilty of fraud posted first on https://www.twoler.com/
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