Former FTX CEO convicted of fraud, conspiracy to commit money laundering
The US Department of Justice (DOJ) has confirmed Samuel Bankman-Fried, 31, of Stanford, California, was convicted of two counts of wire fraud conspiracy, two counts of wire fraud, and one count of conspiracy to commit money laundering, each of which carries a maximum sentence of 20 years in prison.
He was also convicted of conspiracy to commit commodities fraud and conspiracy to commit securities fraud, each of which carries a maximum sentence of five years in prison.
The statutory maximum sentences are prescribed by Congress. Any sentencing of the defendant will be determined by a judge.
The Bahamas Police arrested Bankman-Fried shortly after 6:00 p.m. on Monday 12th December 2022 at his apartment complex, located Albany, Nassau Bahamas.
He was arrested reference to various Financial Offences against laws of the United States, which are also offences against laws of the Commonwealth of The Bahamas.
FTX filed for bankruptcy on November 11, 2022. Sam Bankman-Fried has resigned his role as Chief Executive Officer. Numerous lawsuits followed, including ones brought by the CFTC and the SEC.