The former Chief Executive Officer of FTX, Sam Bankman-Fried, has been convicted on seven counts of criminal fraud brought against him, as per a recent jury verdict.
What Happened: As CNBC disclosed, Bankman-Fried was found guilty on charges including wire fraud, conspiracy to commit wire fraud, securities fraud, commodities fraud, and money laundering. The conviction could lead to a maximum sentence of 115 years in jail for the 31-year-old former FTX chief.
What Happened: As CNBC disclosed, Bankman-Fried was found guilty on charges including wire fraud, conspiracy to commit wire fraud, securities fraud, commodities fraud, and money laundering. The conviction could lead to a maximum sentence of 115 years in jail for the 31-year-old former FTX chief.
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00:00 Former FTX CEO Sam Bankman-Fried found guilty on all criminal fraud charges, faces up to 115 years in prison.
00:08 The former chief executive officer of FTX, Sam Bankman-Fried, has been convicted on seven counts of criminal fraud brought against him, as per a recent jury verdict.
00:18 As CNBC disclosed, Bankman-Fried was found guilty on charges including wire fraud, conspiracy to commit wire fraud, securities fraud, commodities fraud, and money laundering.
00:30 The conviction could lead to a maximum sentence of 115 years in jail for the 31-year-old former FTX chief.
00:37 The court proceedings commenced in early October, with several key witnesses including Bankman-Fried's ex-girlfriend Caroline Ellison, former Alameda head, and Gary Wang, FTX co-founder.
00:49 Sam Bankman-Fried is due to be sentenced in March 2024. Both Ellison and Wang pleaded guilty to multiple charges, testifying as prosecution witnesses.
00:59 The guilty verdict is seen as a positive development for the integrity of the blockchain industry.
01:04 The majority of the crypto industry is expected to welcome the outcome of Bankman-Fried's conviction.
01:10 Find this story and more on Benzinga.com and join us in New York City on November 14th to find out about the future of crypto at our Future of Digital Assets event.
01:20 (upbeat music)