Sam Bankman-Fried Convicted in FTX Crypto Fraud Case

Sam Bankman-Fried, co-founder of FTX, has been found guilty of defrauding customers, investors, and lenders. The Manhattan federal jury convicted him on all seven criminal charges, including wire fraud and money laundering. Bankman-Fried's sentencing is scheduled for March 28, and he faces a maximum sentence of 110 years. Prosecutors argued that he stole up to $14 billion in customer deposits from his cryptocurrency exchange, using the funds for investments, loan repayments, political donations, and real estate. Bankman-Fried maintains his innocence and will face additional criminal charges related to bank fraud and bribery in a separate trial.