Crypto conman Sam Bankman-Fried has been found guilty on all seven counts of fraud and conspiracy.
Former Alameda CEO Caroline Ellison and former FTX executives Gary Wang and Nishad Singh, said SBF directed them to commit crimes, including the looting of FTX and lying to lenders and investors about the companies' finances.
NEW YORK, Nov 2 - FTX founder Sam Bankman-Fried was found guilty on Thursday of defrauding customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record, a verdict that cemented the 31-year-old former billionaire's fall from grace.
A 12-member jury in Manhattan federal court convicted him on all seven counts he faced after a monthlong trial in which prosecutors made the case that he stole $8 billion from the exchange's customers out of sheer greed.
The verdict came just shy of one year after FTX filed for bankruptcy in a swift corporate meltdown that shocked financial markets and erased his estimated $26 billion personal fortune.
Bankman-Fried stood and clasped his hands together as the verdict was read. Bankman-Fried had pleaded not guilty to two counts of fraud and five counts of conspiracy.
"FTX cofounder Gary Wang, who was FTX's chief technology officer, revealed in his testimony that Bankman-Fried directed him to insert code into FTX's operations so that Alameda Research could make unlimited withdrawals from FTX and have a credit line up to $65 billion. Wang said the money came from customers."
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