Following a five-week trial, Sam Bankman-Fried, the creator of the now-defunct cryptocurrency platform FTX, has been found guilty on seven counts, which include charges of fraud and conspiracy. The tentative sentencing date is scheduled for March 28, 2024.
Bankman-Fried faced allegations of misappropriating up to $10 billion from customers for purposes such as funding political donations, venture capital investments, and extravagant expenditures. A jury composed of nine women and three men swiftly reached a verdict, finding him guilty of wire fraud, conspiracy, and money laundering in just over four hours.
Upon the revelation of guilty verdicts on all seven charges, U.S. Attorney Damian Williams stated that Bankman-Fried had committed “one of the most significant financial frauds in American history,” with potential sentences totaling up to 110 years.
Bankman-Fried’s defense attorney, Mark Cohen, noted that his client respects the jury’s decision but remains committed to vigorously contesting the charges, maintaining his innocence.
Prosecutors presented a substantial amount of evidence against Bankman-Fried, including millions of internal messages, spreadsheets, and memos. The jury’s decision was influenced by this evidence, as well as the cooperation of Bankman-Fried’s top executives who pleaded guilty to fraud in exchange for leniency.
Menzgold defrauded the entire people of Ghana using this same strategy and instead of apprehending and prosecuting him, the politicians are there saying anyone that got defrauded in the Menzgold saga was just greedy and they all deserved to lose their money.
When you vote for monkeys to rule, they will throw shit at you the least chance they get.
I’ve only incurred losses once, orchestrated by Andreas Katrud, but none ever since. I’ll tell you a story about MBA Forex run by an ikwerre native in the City of Port Harcourt, Nigeria. The CEO, Maxwell Odum, was accused of operating a Ponzi scheme, defrauding investors of roughly $462 million (₦213 billion), but after my research I found out it was similar to the FTX saga with Caroline and SBF, there were using investor’s funds for Futures Trade, open long and short positions without initiating stop loss (SL), they did make record profits but it tanked like the titanic when the last bull run hit rock bottom during covid. Prior MBA CEO, Maxwell Odum reportedly made a donation of N1 billion to Christ Embassy and a couple of government affiliated foundations so even though he’s on the wanted list of The Economic And Financial Crimes Commission (EFCC), that’s just a facade he still enjoys some form of immunity from corrupt officials past and present.
This young man needs no mercy, he should reap whatever he sowed ,… greedy is a brother to wickedness
Exactly, nothing more, nothing less.