Sam Bankman-Fried, the controversial founder of cryptocurrency exchange FTX, has been found guilty of serious charges of financial fraud by a 12-member jury. Convicted of these offenses, he could be imprisoned for over a century. But where exactly will he be held?
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Bankman-Fried found guilty on all seven counts
Despite the seven charges brought against him, Sam Bankman-Fried has always denied any culpability in connection with the FTX collapse, going so far as to claim that he lacked cryptocurrency expertise. However, things didn’t turn out as he had planned.
He was convicted of two types of electronic fraud targeting borrowers and customers of FTX, and five other conspiracy charges, including charges of financial product fraud and money laundering.
According to prosecutors, these schemes are among the largest financial frauds in American history.
After four hours of intense discussion, the twelve jurors concluded that Bankman-Fried had embezzled nearly $8 billion from FTX customers, driven by boundless greed.
Although it is punishable by 115 years’ imprisonment, his final sentencing is scheduled for March 28, 2024, according to the U.S. District Judge, Lewis Kaplan.
Bankman-Fried‘s defense team has announced its intention to appeal, asserting that their client maintains his innocence and will continue to defend himself.
Where will Bankman-Fried serve his sentence?
The answer is still unknown, but rumors are spreading. Zoukis, a specialist in federal prison law, advance that Bankman-Fried could be placed in a medium-security federal prison, especially if his sentence exceeds 25 years.
Despite the fact that the trial took place in New York, Zoukis speculates that, given his stay under house arrest in Palo Alto, he could be incarcerated near his family in California.
Bankman-Fried is also facing other charges, with a trial expected in March 2024. These new charges include suspicions of bank fraud, unlicensed operation, as well as violations of the Bribery Act.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
