:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/cmg/RUJANV3MKNGSFAQ4WRPI56CU4U.jpg)
NEW YORK — A jury has convicted FTX founder Sam Bankman-Fried of defrauding cryptocurrency customers, according to The Associated Press.
Bankman-Fried was convicted on Thursday by a jury in New York of fraud in a scheme that cheated customers as well as investors of at least $10 billion, according to the AP.
Bankman-Fried, 31, was convicted on seven charges of fraud and conspiracy, according to The New York Times.
The jury began deliberating Thursday afternoon, according to the Times.
Last year after FTX collapsed, Bankman-Fried was charged with stealing billions from customers so that he could finance political contributions, spend extravagantly and venture capital investments, the newspaper reported.
When FTX collapsed, it filed for bankruptcy on Nov. 11, 2022, CNN reported.
He was arrested in the Bahamas last December and he was then extradited back to the United States, the AP reported. He was freed on a $250 million personal recognizance bond that came with electronic monitoring. He was also required to stay with his parents at their house in Palo Alto, California.
He was jailed in August after a judge learned that he was trying to influence prospective trial witnesses through communications that included phone calls, emails and texts with journalists and influencers, according to the AP.
FTX was founded by Bankman-Fried in 2019 and was believed to be an easy way to start trading cryptocurrencies, according to CNN. Cryptocurrencies are digital assets that are based on the collective hope of their future application.
Bankman-Fried is expected to be sentenced on March 28, according to the Times. He could face up to 110 years in prison.
©2023 Cox Media Group
Sign Up
