Bankman-Fried, 31, was arrested last December and tried on allegations of defrauding FTX investors and customers, and Alameda Research’s lenders. The once-prominent crypto exchange CEO pleaded not guilty to all charges, and went to trial at the beginning of October, where federal prosecutors sought to paint him as someone who deliberately set out to steal his customers’ funds – around $8 billion – for use in a variety of purchases and investments, including real estate, sports sponsorships and venture investments. His defense team argued that Bankman-Fried was an overworked businessman who made the mistake of assuming the company funds he used belonged to those companies, rather than their customers or investors.
- Sam Bankman-Fried Guilty on All 7 Counts in FTX Fraud Trial
Written by Bankerage Published on November 3, 2023