​'One of the biggest financial frauds in American history': Sam Bankman-Fried faces up to 115 years in prison​

The financial trial of the decade reached its conclusion and resulted in infamous FTX cryptocurrency trading platform founder Sam Bankman-Fried being found guilty of fraud.

At 31 years old, Bankman-Fried was found guilty on all seven fraud charges laid against him: two counts of wire fraud conspiracy, two counts of wire fraud, one count of conspiracy to commit money laundering, conspiracy to commit commodities fraud, and conspiracy to commit securities fraud.

Bankman-Fried faces up to 115 years in prison after weeks of testimony from former colleagues and founders and even his ex-girlfriend, who helped him run sister hedge fund Alameda Research.

The onetime mogul was described as portraying himself as an overworked genius who slept when he could and drove a modest car. He noted that a lot of people "got hurt" and he made some "larger mistakes" but denied committing fraud, the Daily Mail reported.

Cross-examination

Cross-examination is reportedly where Bankman-Fried lost his ability to act aloof and allegedly attempted to dodge questions while tripping over the inconsistency of his answers.

Prosecutor Nicolas Roos' closing statements to the jury said that Bankman-Fried "thought he was smarter and better'" and said that he spent customers' money and lied.

"The answer is clear: He took the money; he knew it was wrong. He did it because he thought he was smarter and better and could walk his way and talk his way out of it. But today, with you, that ends."

"He didn't have to testify in this trial. He told a story, and he lied to you," Roos continued.

Bankman-Fried was said to be clear and coherent when talking about the offices of Alameda or the reasoning behind sponsorship deals but "a completely different person under cross-examination."

Unable to "remember a single detail about his companies," Bankman-Fried was apparently unable to recall details over 140 times.

Aftermath

Bankman-Fried was described as looking shell-shocked in court, with his mother and father present to hear the verdict. His parents, both Harvard Law professors, reportedly hugged as the verdict was read out. His father then held his head in his hands while his mother plugged her ears, not to hear what the judge was saying.

Mark S. Cohen, Bankman-Fried's attorney, stated that the FTX founder maintained that he's innocent.

"We respect the jury's decision. But we are very disappointed with the result," Cohen said in the statement. "Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him."

Bankman-Fried's sentencing is set for March 28, 2024.

The FTX saga may finally end with an impressive scoreboard after the embezzlement of $10 billion in customer deposits: $1.13 billion in endorsement deals, an alleged $1 billion in assets in China, $70 million to election campaigns, and $40 million to politicians and committees.

Damian Williams, U.S. attorney for the Southern District of New York, later said Bankman-Fried "perpetuated one of the biggest financial frauds in American history."

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