Sam Bankman-Fried of FTX infamy convicted on 7 counts

News & Politics

FTX co-founder Sam Bankman-Fried has been found guilty on seven counts.

FTX, a once-vaunted cryptocurrency exchange, collapsed last year, wreaking havoc in the crypto industry.

According to a press release from the U.S. Attorney’s Office Southern District of New York, the 31-year-old Bankman-Fried “was convicted of two counts of wire fraud conspiracy, two counts of wire fraud, and one count of conspiracy to commit money laundering” and also “convicted of conspiracy to commit commodities fraud and conspiracy to commit securities fraud.”

The convicted crypto figure’s sentencing is scheduled for March 28, reports indicate.

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Mark S. Cohen, counsel to Bankman-Fried, said in a statement that Bankman-Fried continues to assert that he is innocent.

“We respect the jury’s decision. But we are very disappointed with the result,” Cohen said in the statement. “Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him.”

U.S. Attorney for the Southern District of New York Damian Williams said that Bankman-Fried had carried out one of the largest “financial frauds in American history. A multi-billion dollar scheme,” intended to make Bankman-Fried “the king of crypto,” Williams said.

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