Sam Bankman-Fried found out his fate last week after a jury quickly returned a guilty verdict for all seven criminal charges he was facing.
According to NBC News, the crypto fraudster was convicted of "wire fraud and conspiracy to commit wire fraud against FTX customers and against Alameda Research lenders, conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering."
Bankman-Fried originally pleaded not guilty to the charges.
REPORT: Crypto scammer Sam Bankman-Fried's parents broke down in tears after the guilty verdict was read that could send SBF away to prison for life.
Bankman-Fried was found guilty late Thursday evening for embezzling $10 billion of his clients' money.
It gets better. SBF's mom… pic.twitter.com/3AWO5lJ3XT
— Collin Rugg (@CollinRugg) November 3, 2023
Damian Williams, U.S. attorney for the Southern District of New York, read aloud a briefing in the wake of the guilty verdict, emphasizing the gravity of the crimes committed by Bankman-Fried.
"Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history," Williams said.
He added, "While the cryptocurrency industry might be new and the players like Sam Bankman-Fried might be new, this kind of corruption is as old as time. This case has always been about lying, cheating, and stealing, and we have no patience for it."
Given the seriousness of the crimes committed, U.S. Attorney General Merrick Garland even released a statement celebrating the guilty verdict.
"Sam Bankman-Fried thought that he was above the law. Today’s verdict proves he was wrong," Garland said.
He added, "This case should send a clear message to anyone who tries to hide their crimes behind a shiny new thing they claim no one else is smart enough to understand: the Justice Department will hold you accountable."
A verdict in the trial was quick, according to NBC News.
The federal trial, which began in early October, pitted the testimony of Bankman-Fried’s former close friends and top lieutenants against the sworn statements of their former boss and ex-roommate. The jury returned a swift verdict after receiving the case at around 3:15 p.m. ET on Thursday and breaking for dinner at around 6 p.m. ET.
Many on social media called attention to Bankman-Fried's tens of millions in donations to various Democratic politicians, with many wondering if investigations will occur as a result, specifically for the politicians who haven't returned the money.
Sam Bankman-Fried was one of the biggest Democrat donors in US history and is now officially one of the biggest financial frauds in US history.
Investigate all the Democrat politicians who took money from this virtue-signaling crook. pic.twitter.com/pAMS3kHg65
— Citizen Free Press (@CitizenFreePres) November 3, 2023
Only time will tell if those Democrats are held accountable.
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