Former FTX chief Sam Bankman-Fried leaves the Federal Courthouse following a bail hearing ahead of his October trial, in New York City on July 26, 2023. (Photo by ANGELA WEISS / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)
Sam Bankman-Fried — the CEO of FTX, a cryptocurrency company mired in controversy — is potentially facing quite a hefty prison sentence. A jury found him guilty of fraud, money laundering, and conspiracy.
According to NBC News, the ruling arrived on Thursday (Nov. 2). A New York City jury specifically found Sam Bankman-Fried guilty on seven counts. A judge will sentence him on Mar. 28, 2024.
Notably, the 31-year-old potentially faces a whopping 110 years behind bars if he receives massive, consecutive sentences.
CBS News reports that Damian Williams, an attorney representing the Southern District of New York, said Sam Bankman-Fried tried to become “the king of crypto” by “perpetrat[ing] one of the biggest frauds in American history.”
“Sam Bankman-Fried perpetrated one of the biggest frauds in American history, a multibillion-dollar scheme designed to make him the king of crypto. Here’s the thing: the cryptocurrency industry might be new. The players like Sam Bankman-Fried might be new. This kind of fraud, this kind of corruption, is as old as time, and we have no patience for it.”
In response to the ruling, Mark S. Cohen, one of Bankman-Fried’s lawyers, reportedly said his client “maintains his innocence.” He also noted that they’ll “continue to vigorously fight the charges against him.”
“We respect the jury’s decision. But we are very disappointed with the result. Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him.”
It’s worth adding that Sam Bankman-Fried will stand trial over separate charges in March 2024.
This development comes about a year after FTX officially went bankrupt. In November 2022, prosecutors accused the massive company of swindling $8B and perpetrating fraud “from the start” of the business, according to CNBC.
As The Shade Room reported, the situation threw several high-ranking celebrities into the hot seat, as the U.S. Security and Exchanges Commission (SEC) took issue with them endorsing FTX. Big-name athletes like Steph Curry and Tom Brady were thrown into the mix.
Additionally, the arena where the Miami Heat hosts games had to be renamed the Kaseya Center after being previously known as FTX Arena, per AP News.
According to NBC News, Sam’s ex-colleagues will likely face sentencing after a judge sentences Bankman-Fried.
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