Disgraced crypto mogul Sam Bankman-Fried, one of the top donors to the Democrat Party, was convicted on all felony counts Thursday evening in federal court in New York City.
The 31-year-old former billionaire, who founded the FTX cryptocurrency exchange, was convicted following a months long investigation after the company collapsed over night.
He was found guilty of wire fraud on customers of FTX, conspiracy to commit wire fraud on customers of FTX, wire fraud on Alameda Research lenders, conspiracy to commit wire fraud on lenders to Alameda Research, conspiracy to commit securities fraud on investors in FTX, conspiracy to commit commodities fraud on customers of FTX, and conspiracy to commit money laundering.
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Bankman-Fried, whose crimes cost victims $10 billion, will go down as one of the biggest fraudsters in history after his company stole their money and used it to fund his lavish lifestyle and political donations.
“We respect the jury’s decision. But we are very disappointed with the result,” said Bankman-Fried attorney Mark Cohen. “Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him.”
The Washington Post noted that the most damaging testimony against Bankman-Fried came from Bankman-Fried himself after he “traded the chance to tell his side of the story one final time for a gutting cross examination by prosecutor Danielle Sassoon.”
Sassoon grilled him over his own past statements that he made in interviews as he tried to save face following his company’s collapse. He claimed more than 140 times that he could not recall what he previously said.
“This was a pyramid of deceit built by the defendant on a foundation of lies and false promises, all to get money, and eventually it collapsed, leaving countless victims in its wake,” said prosecutor Nicolas Roos. “It’s clear as day the defendant knows that they’re stealing and committing fraud. And that’s exactly what they do.”
This story has been updated to include additional information.