Sam Bankman-Fried has now been convicted nearly one year on from the infamous collapse of his FTX empire.
After a month-long trial, former FTX CEO Sam Bankman-Fried (SBF) faces the prospect of spending decades in prison. A federal jury on Thursday convicted the once influential crypto personality on all counts brought against him by the United States Department of Justice (DOJ) in connection with FTX’s demise.
Recall that throughout the trial, SBF had pleaded not guilty to the five counts of conspiracy and two counts of fraud. SBF and his legal defense team had tried to convince the jury he did not deliberately defraud customers and that the $8 billion shortfall was a mistake.
SBF also said he believed it was legal for FTX to use customer funds to make investments through its sister company, Alameda Research. He also apportioned blame for the collapse to legal advice he received while running the company and claimed to be unaware of certain liberties granted to Alameda while trading on FTX.
However, the jury, after hearing testimony from the former FTX CEO and reviewing available evidence, concluded that SBF had intentionally defrauded customers. The ruling came after a four-hour deliberation process in which the jury unanimously concluded that Sam Bankman-Fried was guilty on all seven counts.
The conviction means that SBF may face a sentence of up to 115 years in prison. U.S. District Judge Lewis Kaplan will announce SBF’s exact verdict on March 28, 2024. The convict is also expected to appear in court in March to face a different set of charges alleging his involvement in bank fraud conspiracy and foreign bribery.
SBF Legal Defense to Appeal Verdict
Following the guilty verdict, Sam Bankman-Fried’s legal defense, led by Attorney Mark Cohen, indicated they would appeal the ruling. While admitting respect for the jury’s decision, Cohen reportedly said, “Mr. Bankman-Fried maintains his innocence and will continue to fight the charges against him vigorously.”
It is noteworthy that the chances of overturning such a unanimous jury decision through an appeal are relatively slim. Additionally, several legal experts have affirmed that SBF’s decision to testify during his trial lowers the chances of an appeal bearing fruit.