FTX Founder Sam Bankman-Fried Found Guilty of Fraud

Slashdot readers schwit1 and Another Random Kiwi share the breaking news that FTX founder Sam Bankman-Fried has been found guilty of fraud. From the Associated Press: FTX founder Sam Bankman-Fried's spectacular rise and fall in the cryptocurrency industry -- a journey that included his testimony before Congress, a Super Bowl advertisement and dreams of a future run for president -- hit a new bottom Thursday when a New York jury convicted him of fraud in a scheme that cheated customers and investors of at least $10 billion. After the monthlong trial, jurors rejected Bankman-Fried's claim during four days on the witness stand in Manhattan federal court that he never committed fraud or meant to cheat customers before FTX, once the world's second-largest crypto exchange, collapsed into bankruptcy a year ago.

'His crimes caught up to him. His crimes have been exposed,' Assistant U.S. Attorney Danielle Sassoon told the jury of the onetime billionaire just before they were read the law by Judge Lewis A. Kaplan and began deliberations. Sassoon said Bankman-Fried turned his customers' accounts into his 'personal piggy bank' as up to $14 billion disappeared. U.S. Attorney Damian Williams told reporters after the verdict that Bankman-Fried 'perpetrated one of the biggest financial frauds in American history, a multibillion dollar scheme designed to make him the king of crypto.' 'But here's the thing: The cryptocurrency industry might be new. The players like Sam Bankman-Fried might be new. This kind of fraud, this kind of corruption is as old as time and we have no patience for it,' he said.

Read more of this story at Slashdot.