Sam Bankman-Fried Found Guilty on All Charges. Faces up to 110 Years in Prison. The disgraced FTX founder was accused of one of the largest financial frauds ever.

By Jonathan Small • Nov 3, 2023

The Crypto King has fallen.

After 15 days of deliberations in a New York City courtroom, it took a jury less than five hours to convict FTX Founder Sam Bankman-Fried.

The crypto conman was found guilty of all seven charges against him, including two counts of wire fraud, four counts of conspiracy to commit fraud, and one count of conspiracy to commit money laundering.

FTX's multibillion-dollar scheme was one of the largest frauds in American history and came to symbolize the greed and lawlessness of the cryptocurrency industry.

"Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history," says U.S. attorney Damian Williams. "The cryptocurrency industry might be new. The players, like Sam Bankman-Fried, might be new. But this kind of corruption is as old as time." pic.twitter.com/E5GonXXqpz
— Last Call (@LastCallCNBC) November 3, 2023

Shaking in the Courtroom

According to CNN, Bankman-Fried bowed his head and visibly shook as the jury read the verdict. His parents, longtime Stanford law professors, stood behind him, clearly distraught. As he was escorted out of the courtroom, Bankman-Fried turned to them and smiled, causing his mother to break down in tears.

Outside the courthouse, U.S. Attorney Damian Williams said the verdict sent a clear message to every "fraudster out there who thinks they're untouchable. Those folks should think again. And if they don't, I promise we'll have enough handcuffs for all of them."

Williams added that while the cryptocurrency industry was new, the crime was not. "The players, like Sam Bankman-Fried, might be new. But this kind of fraud, this kind of corruption, is as old as time," he said.

Sentencing Scheduled for March

Sentencing is scheduled for March 28. Together, the counts carry a maximum sentence of 110 years.

Defense attorney Mark Cohen suggested that Bankman-Fried will appeal, saying, "Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him."

Jonathan Small

Entrepreneur Staff

Editor in Chief of Green Entrepreneur

Jonathan Small is editor-in-chief of Green Entrepreneur, a vertical from Entrepreneur Media focused on the intersection of sustainability and business. He is also an award-winning journalist, producer, and podcast host of the upcoming True Crime series, Dirty Money, and Write About Now podcasts. Jonathan is the founder of Strike Fire Productions, a premium podcast production company. He had held editing positions at Glamour, Stuff, Fitness, and Twist Magazines. His stories have appeared in The New York Times, TV Guide, Cosmo, Details, and Good Housekeeping. Previously, Jonathan served as VP of Content for the GSN (the Game Show Network), where he produced original digital video series.