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Jurors rejected Bankman-Fried’s claim during four days on the witness stand in Manhattan federal court that he never committed fraud.spectacular rise and fall in the cryptocurrency industry — a journey that included his testimony before Congress, a Super Bowl advertisement and dreams of a future run for president — hit a new bottom Thursday when a New York jury convicted him of fraud in a scheme that cheated customers and investors of at least $10 billion.
The trial attracted intense interest with its focus on a fraud on a scale not seen since the 2009 prosecution of Bernard Madoff, whose Ponzi scheme over decades cheated thousands of investors out of about $20 billion. Madoff pleaded guilty, was sentenced to 150 years in prison, where he died in 2021.
“It’s both wrong and unfair, and I hope and believe that you have seen that it’s simply not true,” he said. “According to the government, everything Sam ever touched and said was fraudulent.” Becoming tearful as she described the collapse of the cryptocurrency empire last November, Ellison said the revelations that caused customers collectively to demand their money back, exposing the fraud, brought a “relief that I didn’t have to lie anymore.”
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Jury convicts FTX founder Sam Bankman-Fried of fraud charges after historic cryptocurrency collapseAfter the monthlong trial, jurors rejected Bankman-Fried’s claim during four days on the witness stand in Manhattan federal court that he never committed fraud or meant to cheat customers.
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Jury convicts FTX founder Sam Bankman-Fried of fraud chargesRooted in fact-based, transparent reporting, Newsy is an award-winning opinion-free network owned by the E.W. Scripps Company that is relentlessly focused on “the why” of every story and seeks to enable a more intimate and immersive understanding of the issues that matter.
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Jury begins deliberating fate of FTX founder Sam Bankman-FriedA New York jury has begun deliberating whether FTX founder Sam Bankman-Fried was guilty of fraud in the disappearance of billions of dollars from his customers' accounts on the cryptocurrency exchange.
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Jury begins deliberating fate of FTX founder Sam Bankman-FriedA New York jury has begun deliberating whether FTX founder Sam Bankman-Fried was guilty of fraud in the disappearance of billions of dollars from his customers' accounts on the cryptocurrency exchange.
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Jury begins deliberating fate of FTX founder Sam Bankman-FriedA New York jury has begun deliberating whether FTX founder Sam Bankman-Fried was guilty of fraud in the disappearance of billions of dollars from his customers' accounts on the cryptocurrency exchange.
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