Nov. 2 (UPI) — FTX founder Sam Bankman-Fried has been found guilty of seven counts against him in a trial related to his involvement in the crypto exchange’s downfall.
After four hours of deliberation, the jury delivered their verdicts on Thursday night for 31-year-old Bankman-Fried for a range of charges, including wire fraud, conspiracy linked to money laundering and securities fraud.
CNN reports the former CEO appeared visibly dejected when the jury announced its verdict and stood with his head lowered, while his attorney whispered in his ear. Behind him, his parents were emotional as he was escorted from the courtroom.
Mark S. Cohen, legal representative for Bankman-Fried, conveyed in an emailed statement to NBC that while they acknowledge the jury’s decision, they are still disappointed.
“Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him,” Cohen said.
Bankman-Fried faces life in prison for his charges and is scheduled to be sentenced in March of next year, when he is also expected to stand trial for allegations of bribing foreign officials in a separate case.
The trial’s conclusion follows several days of dramatic testimonies, including that of Bankman-Fried, who consistently placed blame on his former close friends and colleagues for the demise of his cryptocurrency empire.
At one point, Assistant U.S. Attorney Danielle Sassoon questioned Bankman-Fried’s relationship with the prime minister of the Bahamas, where was FTX based. However, Bankman-Fried frequently skirted the prosecution’s questions, saying he “did not know” or “could not remember.”
The cryptocurrency exchange collapsed in November of last year when it was revealed the company had mishandled customer investments.
Bankman-Freid was arrested in the Bahamas in December and transferred to U.S. custody.
He was initially held under house arrest but had his bail revoked in August when a judge determined that he had tried to intimidate a witness. Since then, he has been held at Brooklyn’s Metropolitan Detention Center while he awaited trial.
It’s unclear if or when he will be transferred to a different facility.
