The founder of crypto currency exchange service FTX, Sam Bankman-Fried (SBF) has been found guilty in a fraud case involving the loss of billions of dollars. SBF pleaded guilty to seven charges involving money laundering and online fraud. It took the jury only four hours to find him guilty in a trial that had lasted almost a month.
He now faces a prison sentence of up to 115 years with it to be handed down in March next year. This is a sudden change of fortune for SBF who only a few years ago was crowned as the new generation Warren Buffet with him promising to donate his wealth to humanitarian causes.
Throughout the trial witnesses consisting of former employees of FTX and Alameda Research said SBF was involved in deliberately transferring client funds for personal use. The FTX scandal caused various crypto values and also several other crypto companies to be badly affected.
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BUSINESS & MONEY