FTX founder SBF (Sam Bankman-Fried) is in hot water. After a futile court battle to save himself from an imminent legal action, the courts have found him guilty of the charges filed against him.
Coverage:
SBF Did Some Nasty Stuff While Running FTX Crypto Exchange
Sam Bankman-Fried was the founder of the now-bankrupt crypto exchange, FTX. The exchange got into trouble when customer funds went missing and news broke out that it was headed the wrong way.
Sam and his ex-girlfriend Caroline Ellison have been accused of conducting illegal trading activities using customer funds.
Sam has also been linked in other questionable deals involving Alameda research. The loss of customer funds through fraud and illegal schemes at FTX and Alameda led the exchange into filing for bankruptcy and subsequent prosecution of Sam and Caroline.
Besides using customer funds for trading, SBF has also been accused of embezzling customer funds with expensive lifestyle, giving his parents fat bonuses, donating to political campaigns, and even bribery. The jury has been deliberating on his case for a while.
Is SBF Going To Prison?
Now, latest reports reveal that SBF has been found guilty by the jury. This extends to all 7 charges he’s been accused of. The sentencing has been scheduled for March 28, 2024. For the 7 counts, SBF faces around 115 years in prison.
However, given his influence in political circles, some skeptics think that he may get a more lenient sentence or even find a way to defer the sentences. On the other hand, even if he had a way to wiggle himself out of this mess, SBF still has a few more charges to answer for.
There are around 5 charges against him that are yet to be determined. The court date for these has been set for March 11, 2024 – a little over two weeks before the sentencing for the first batch of counts. It’s also possible that the sentencing for this second trial may happen on the same day (March 28) as the first.
If more guilty verdicts are added, Sam Bankman-Fried may see his years in prison dramatically increase beyond the current prospect as earlier mentioned.
May Be A Win For The Crypto Industry
There’s a growing sentiment within the crypto industry that the prosecution and sentencing of SBF, who is currently considered one of the biggest masterminds of fraud and gross misconduct in the history of the industry, may serve to deter similar bad actors in the future.
This would also serve to showcase the industry as coming of age and help get more people on board. It’s a fact that, for years, a lot of skeptics have stayed out of the crypto game largely due to numerous reports of unpunished fraud schemes.
