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FTX founder Sam Bankman-Fried is just not going to the moon, as a substitute he seems headed for jail … he is been discovered responsible on all counts in opposition to him in his federal cryptocurrency fraud case.
Federal legislation enforcement sources inform TMZ … a jury in New York Metropolis convicted the disgraced “Crypto King” on all seven counts of fraud, cash laundering and conspiracy … the newest growth in one of many largest monetary fraud circumstances in U.S. historical past.
The jury verdict got here again Thursday … SBF was discovered responsible on two counts of wire fraud conspiracy, two counts of wire fraud and one rely of conspiracy to commit cash laundering … every carries a most 20-year jail sentence.
Sam was additionally convicted on one rely of conspiracy to commit securities fraud and one rely of conspiracy to commit commodities fraud … every carries a most 5-year jail sentence.
All instructed, SBF is dealing with as much as 110 years behind bars.
Our sources say after the responsible verdict got here down, Sam appeared despondent and type of upset … beginning to tear up.
Following the weeks-long trial, all 12 jurors have been in settlement on convicting SBF on every of the 7 costs.
As we reported … Bankman-Fried was arrested within the Bahamas again on Dec. 12 earlier than federal prosecutors in New York hit him with a slew of costs.
SBF was accused of taking billions of {dollars} in FTX buyer deposits and utilizing the cash to fund investments, make political donations and purchase luxurious actual property.
FTX was as soon as one of many world’s greatest crypto exchanges, being valued at $30 billion earlier than in the end turning into bancrupt and submitting for chapter.
SBF is scheduled to be sentenced March 28 in a case spearheaded by Damian Williams, the US Legal professional for the Southern District of New York.
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