Crypto Mogul Found Guilty In $8 Billion Fraud Scheme

November 3, 2023 Business, Crime

FTX founder Sam Bankman-Fried was found guilty on Thursday of stealing from customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record, a verdict that cemented the 31-year-old former billionaire’s fall from grace.

A 12-member jury in Manhattan federal court convicted Bankman-Fried on all seven counts he faced after a monthlong trial in which prosecutors made the case that he looted $8 billion from the exchange’s users 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 $26 billion personal fortune.

Read the full article.

Sam Bankman-Fried convicted of multi-billion dollar FTX fraud https://t.co/hKg5qU5Spk pic.twitter.com/IHCn5ZZhV4

— Reuters U.S. News (@ReutersUS) November 3, 2023