Jury finds SBF guilty on all charges, sentencing set for March 2024: Law Decoded
Former FTX CEO Sam “SBF” Bankman-Fried’s public trial in a New York court ended with the jury finding him guilty on all seven charges on Nov. 3, including two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy and one count of money laundering conspiracy. He will return to court for sentencing by Judge Lewis Kaplan on March 28, 2024. Government prosecutors will recommend a sentence, but Kaplan will have the final say.
Bankman-Fried’s crimes each carry a maximum sentence of five to 20 years in prison, with the wire fraud, wire fraud conspiracy and money laundering conspiracy charges carrying a maximum 20-year sentence. In a press conference outside the court, United States Attorney Damian Williams called Bankman-Fried’s crimes “a multibillion-dollar scheme designed to make him the king of crypto” and one of the biggest financial frauds in American history.
Meanwhile, the current claims pricing of FTX has reached a maximum of 57%, partly due to the valuation of artificial intelligence (AI) companies that the now-bankrupt crypto exchange previously invested in. FTX claims value has jumped to the highest spot when compared with other bankrupt crypto firms, such as Celsius with 35–40%, Genesis with about 50%, Alameda Research with 10% and Three Arrows Capital with only 7–9%.
FTX has also requested the bankruptcy court in Delaware allow it to sell certain key trust fund assets, including from crypto asset manager Grayscale Investments and custody service provider Bitwise, valued at around $744 million. The latest request by FTX debtors for the sale of trust assets comes after the court had earlier approved the liquidation of nearly $3.4 billion in
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