The verdict concludes a stunning fall from grace for the 31-year-old former billionaire.
  • Hisnitch@beehaw.org
    25·
    1 year ago

    So, interesting point here is that the jury only took 4 hours to complete. Just four. That means that they basically made up their minds and they just needed to confirm.

  • Smoke@beehaw.orgEnglish
    12·
    1 year ago

    I swear the courtroom sketch artist has a grudge, he looks downright ghoulish in the article’s picture.

    • ripcord@kbin.social
      7·
      1 year ago

      Under sentencing guidelines they’re very unlikely to be served consecutively. Probably more like 20 years.

  • AutoTL;DR@lemmings.worldBEnglish
    2·
    1 year ago

    🤖 I’m a bot that provides automatic summaries for articles:

    Click here to see the summary

    Sam Bankman-Fried, who once ran one of the world’s biggest cryptocurrency exchanges, has been found guilty of fraud and money laundering at the end of a month-long trial in New York.

    They presented evidence that Bankman-Fried’s crypto trading firm Alameda Research received deposits on behalf of FTX customers from the early days of the exchange, when traditional banks were unwilling to let it open an account.

    Instead of safeguarding those funds, as Bankman-Fried repeatedly pledged to do in public, he spent the money to repay Alameda lenders, buy property and make investments and political donations.

    Bankman-Fried made the risky move of taking the stand in his own defence, hoping to convince jurors that prosecutors had failed to prove he acted with criminal intent.

    Bankman-Fried defended the money transfers between his firms as “permissible” and testified that he was largely unaware of the financial hole described by his deputies until a few weeks before the FTX collapse last year.

    Panorama explores the breakneck rise and sensational fall of Sam Bankman-Fried, the maths genius who set out to transform the world of crypto but ended up being its biggest loser.

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