Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street
Gaza Civil Defense spokesman: Claims that the Israeli occupation has withdrawn from areas in the neighborhoods of al-Zaytoun, al-Tuffah, and al-Shujaiya are false
Hamas: The two delegations stressed that any negotiations must lead to the achievement of our people's goals and aspirations, foremost among which is ending the war and the complete withdrawal of enemy forces

FTX Sam Bankman-Fried found guilty of seven charges, sentence pending

  • By Al Mayadeen English
  • Source: News websites
  • 3 Nov 2023 13:02
3 Min Read

Bankman-Fried is due to be sentenced on March 28, with a second trial for five additional charges due around the same time.

  • x
  • FTX founder Sam Bankman-Fried arrives for trial at Manhattan Federal Court on March 30, 2023 in New York City, US (AFP)
    FTX founder Sam Bankman-Fried arrives for trial at Manhattan Federal Court on March 30, 2023 in New York City, US (AFP)

A New York federal jury delivered a verdict that would most likely land former FTX founder Sam Bankman-Fried decades of prison sentence after being found guilty on seven counts of fraud and conspiracy linked to cryptocurrency exchange and a related hedge fund.

This is the result of more than two weeks of testimony and four hours of deliberations as US Attorney Damian Williams praised the decision in his statement that the government had “no patience” for white-collar crime.

“These players like Sam Bankman-Fried might be new, but this kind of fraud, this kind of corruption, is as old as time,” Williams noted.

The tycoon's ex-girlfriend and the fund’s former chief executive, Caroline Ellison, faced separate charges for alleged role in the notorious scheme and testified against him during his trial.

The MIT graduate has been charged with two charges of wire fraud and six counts of conspiracy, including conspiracy to launder money and commit campaign finance violations. If convicted, he may face up to 115 years in prison.

Related News

Trump approves Patriot missiles to Ukraine, bills EU for costs

Russia slams US-Denmark military pact as threat to its security

Read next: US judge revokes bail, orders FTX chief Bankman-Fried back to jail

The 30-year-old crypto tycoon rode a surge in the value of bitcoin and other digital assets to become a multi-billionaire and a powerful political donor in the United States until FTX went bankrupt in early November following a rush of withdrawals. On November 11, the exchange declared bankruptcy.

To proceed or not to proceed

His lead defense attorney, Mark Cohen, expressed being “disappointed” in the verdict, but added, “We respect the jury’s decision.”

“Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him,” he continued.

The former FTX chief had drawn in huge investments from prominent fund managers and venture capitalists. But it all collapsed dramatically when a media report revealed that Alameda's (FTX's sister trading company) balance sheet was heavily built on a token created by FTX with no independent value, exposing Bankman-Fried's companies as being dangerously interlinked.

Bankman-Fried is due to be sentenced on March 28, with a second trial for five additional charges due around the same time.

Meanwhile, the government has until February 1 to decide upon proceeding with the case.

  • United States
  • FTX
  • Sam Bankman-Fried
  • Cryptocurrency

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS