Sam Bankman-Fried Found Guilty of All 7 Counts in FTX Fraud Trial

Sam Bankman-Fried, also known as SBF, the founder of the crypto empire, FTX, was found guilty in New York of all seven counts of fraud against him. He pleaded "not guilty" to criminal fraud charges that are linked to the collapse of his now-infamous crypto exchange.

FTX and its sister hedge fund Alameda Research collapsed late 2022, with SBF being arrested by authorities in the Bahamas earlier this year. He was subsequently extradited back to the US.

According to CNBC, Sam Bankman-Fried was convicted of wire fraud and conspiracy to commit wire fraud against FTX customers and against Alameda Research lenders. He was also convicted of conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors, as well as conspiracy to commit money laundering.

"Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history," said US Attorney for the Southern District of New York Damian Williams after the verdicts were read. "The cryptocurrency industry might be new. The players like Sam Bankman-Fried, Fried might be new. But this kind of fraud, this kind of corruption, is as old as time and we have no patience for it."

When the verdict was read, Sam Bankman-Fried appeared to remain stoic and did not cry. However, his parents were visibly nervous entering the courtroom. They watched their son be convicted in the second pew and took turns putting their arms around each other.

Sam Bankman-Fried's Inner Circle Testified Against Him During the Trial

Some of SBF's former friends and top lieutenants, including his ex-girlfriend and ex-roommate, all had sworn statements against the disgraced FTX founder who insisted on his innocence throughout the trial, which began last October.

Caroline Ellison, SBF's ex-girlfriend, and FTX co-founder Gary Wang, both turned on the disgraced FTX founder and both pleaded guilty to multiple charges last December. They have been cooperating as witnesses for the prosecution and the case against SBF was built around not just their testimonies, but also SBF's as he repeatedly stated that he did not commit fraud or steal customer money.

In her testimony, Ellison testified that Bankman-Fried directed her to siphon money from FTX customer accounts to fund investments at FTX's sister hedge fund, Alameda Research, which she ran. Meanwhile, CBS News reported that FTX co-founder Wang testified about how he and SBF "engaged in financial crimes and lied about it."

Nishad Singh, FTX's former director of engineering, meanwhile testified how the FTX founder spent the company's money on personal expenses. Much like Ellison and Wang, he also pleaded guilty to multiple charges, including fraud.

Sam Bankman-Fried Maintains Innocence But Will Respect Jury's Decision

Despite SBF's insistence that he is innocent, the disgraced CEO's attorney, Mark Cohen, released a statement that said that they will "respect the jury's decision. But we are very disappointed with the result."

"Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him," added the attorney, according to the Associated Press.

This article is owned by Latin Post.

Written by: Rick Martin

WATCH: BREAKING: Sam Bankman-Fried found guilty on all counts in FTX fraud trial - NBC News