{"id":2089703,"date":"2023-11-03T21:40:04","date_gmt":"2023-11-04T01:40:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ftx-founder-sam-bankman-fried-found-guilty-of-financial-fraud-money-laundering\/"},"modified":"2023-11-03T21:44:37","modified_gmt":"2023-11-04T01:44:37","slug":"ftx-founder-sam-bankman-fried-found-guilty-of-financial-fraud-money-laundering","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ftx-founder-sam-bankman-fried-found-guilty-of-financial-fraud-money-laundering\/","title":{"rendered":"FTX Founder Sam Bankman-Fried Convicted of Financial Fraud, Money Laundering"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fftx-founder-sam-bankman-fried-found-guilty-of-financial-fraud-money-laundering%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2089703&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><blockquote>\n<h2>Cryptocurrency Guru Sam Bankman-Fried \u2062Found \u2064Guilty of Fraud\u200c and Money Laundering<\/h2>\n<p>A\u2064 12-member New York jury has convicted 31-year-old FTX founder and cryptocurrency guru Sam Bankman-Fried on all seven counts of\u2064 fraud and conspiracy. The scheme,\u2063 which\u2064 cheated customers and investors out of at least $10 billion, has resulted in Bankman-Fried\u200c facing the possibility of decades in\u200c prison. U.S. District Judge Lewis Kaplan \u2062has set \u200dhis sentencing for March 28, 2024.<\/p>\n<p>Bankman-Fried&#8217;s defense attorneys, who have raised objections to multiple decisions made by Judge Kaplan throughout the trial, are expected\u200d to appeal the verdict.<\/p>\n<\/blockquote>\n<h3>Bankman-Fried&#8217;s Attempt \u200cto Prove \u2062Innocence<\/h3>\n<ul>\n<li>Bankman-Fried had pleaded not guilty to all \u2064seven counts and \u2062attempted to\u200d convince jurors that while he may have made mistakes as the head of FTX, one of the world&#8217;s largest cryptocurrency exchanges, he did not knowingly defraud investors.<\/li>\n<li>However, under cross-examination from prosecutors, he often spoke evasively and struggled to remember many\u200c events.<\/li>\n<\/ul>\n<blockquote>\n<h2>Related Stories<\/h2>\n<ul>\n<li><a href=\"http:\/\/www.theepochtimes.com\/epochtv\/ftx-founder-sam-bankman-fried-maintains-innocence-vows-to-fight-charges-after-fraud-conviction-5522479?ea_src=author_manual&#038;ea_med=related_stories\"><br \/>\n<h3>FTX Founder Sam Bankman-Fried Maintains Innocence, Vows to Fight Charges After Fraud Conviction<\/h3>\n<p><\/a><\/li>\n<li><a href=\"http:\/\/www.theepochtimes.com\/us\/bankman-fried-hits-back-at-critics-former-colleagues-in-bitter-cross-examination-5519713?ea_src=author_manual&#038;ea_med=related_stories\"><br \/>\n<h3>Bankman-Fried Hits Back at \u200bCritics, Former Colleagues in Bitter Cross-Examination<\/h3>\n<p><\/a><\/li>\n<\/ul>\n<\/blockquote>\n<p>Prosecutors alleged that Bankman-Fried \u2063and other FTX executives knowingly \u2064misused customers&#8217; money for personal gain, including funding losses at Alameda Research, Bankman-Fried&#8217;s hedge fund, and indulging in a lavish lifestyle. The \u200ctrial featured testimony from \u200cBankman-Fried&#8217;s former \u200cpartners and employees, who had \u2064already pleaded\u2064 guilty\u200b to fraud charges and \u200ctestified against him.<\/p>\n<div class=\"shortcode post-related-videos\">\n<!--$--><\/p>\n<div class=\"lazyload-wrapper\">\n<div class=\"lazyload-placeholder\"><\/div>\n<\/div>\n<p><!--\/$-->\n<\/div>\n<div class=\"post-figure\">\n<figure style=\"width:600px\" class=\"alignnone\"><figcaption>FTX founder Sam Bankman-Fried is questioned by prosecutor Danielle Sassoon (not seen) during his fraud trial over the \u200bcollapse\u200b of the bankrupt\u200c cryptocurrency exchange at federal court in New York \u2064on Oct. 31, 2023, in a courtroom sketch. (Jane Rosenberg\/Reuters)<\/figcaption><\/figure>\n<\/div>\n<p>Bankman-Fried tried to\u2064 shift the blame onto his former colleagues, claiming that they were the \u2063ones responsible for fraudulent actions. He portrayed\u2063 himself as a big-picture executive who became aware of bad practices\u200b by subordinates only after \u200dthe fact.<\/p>\n<div class=\"my-5\">\n<p>Prosecuting attorney Nicolas Roos told jurors\u2062 on Nov. 1 that Bankman-Fried&#8217;s crypto empire was &#8220;a pyramid of deceit built by the defendant on \u2062a \u200bfoundation of lies and false promises, all \u2062to get money, and \u2063eventually, it\u2062 collapsed, leaving countless \u200dvictims in its wake.&#8221;<\/p>\n<\/div>\n<p>Defense attorney Mark Cohen argued that Bankman-Fried did\u2064 his\u2064 best\u2062 to explain how \u200cthings \u200dwent wrong, despite his best intentions. The defense also pointed\u200b out that the prosecution&#8217;s\u200c witnesses had an incentive to blame Bankman-Fried in order to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/desantis-uses-executive-order-to-crack-down-on-soros-funded-prosecutor-over-dereliction-of-duty\/\" title=\"DeSantis takes action against Soros-backed prosecutor for 'neglecting responsibilities' through executive order.\">receive reduced sentences<\/a>.<\/p>\n<p>Bankman-Fried\u200c admitted that one\u200c of his mistakes was not hiring a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/former-infinity-q-exec-settles-charges-related-to-alleged-fraud\/\" title=\"Former Infinity Q exec settles charges related to alleged fraud\">chief risk officer<\/a>,\u2064 who could have prevented many of the failures at \u200dFTX and Alameda. However, \u200bthe prosecution argued \u200cthat this\u2063 was not an oversight but part of the plan\u2062 to misuse customers&#8217; money.<\/p>\n<div class=\"my-5\">\n<p>&#8220;If you&#8217;re embezzling money,&#8221; Assistant U.S. Attorney Danielle\u2063 Sassoon said, &#8220;of course you&#8217;re not \u2063going\u200d to have a \u200bchief risk officer.&#8221;<\/p>\n<\/div>\n<div class=\"my-5\">\n<p>Approximately $9 billion of customers&#8217; and \u200dinvestors&#8217; money went missing in the \u20642022 collapse of crypto exchange FTX\u2064 and its affiliated hedge fund Alameda Research.<\/p>\n<\/div>\n<div class=\"my-5\">\n<p>What has not been\u200d mentioned in this trial is the more than $100 million of FTX \u200bmoney \u200cthat Bankman-Fried donated \u2064to politicians prior to FTX&#8217;s collapse. He was a major \u2064donor to President Joe \u2062Biden&#8217;s\u2062 election campaign in 2020 and to Democrat\u200b politicians and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/amid-threats-of-corporate-donation-withdrawals-gop-senate-fund-hauls-in-8-3-million\/\" title=\"Amid Threats Of Corporate Donation Withdrawals, GOP Senate Fund Hauls In .3 Million\">political action committees<\/a> (PACs) in the 2022 midterms.<\/p>\n<\/div>\n<div class=\"my-5\">\n<p>Some\u2064 of the \u2063largest recipients of FTX donations were Sens.\u200d Debbie Stabenow (D-Mich.) and John Boozman (R-Ark.), who led \u2063the Senate Agriculture Committee overseeing the Commodity Futures Trading Commission, one of the regulatory agencies for cryptocurrencies. \u2064Other top recipients included \u200bSens. Kirsten Gillibrand (D-N.Y.), Maggie Hassan (D-N.H.), Cory Booker (D-N.J.), Lisa Murkowski (R-Alaska), and Susan Collins (R-Maine).<\/p>\n<\/div>\n<div class=\"my-5\">\n<p>On \u2062Oct. \u200c16, former FTX director of engineering Nishad Singh testified that the political donations made \u200bby FTX&#8217;s senior executives \u200cwere made from customer\u200c funds.<\/p>\n<\/div>\n<p> <\/p>\n<h2> \u2064 What does the conviction of\u2062 Bankman-Fried highlight about the\u200b need for\u200b increased regulation and oversight within the \u200bcryptocurrency space<\/h2>\n<p><span>  Ess victims in its wake.&#8221; Roos presented\u2063 evidence of Bankman-Fried&#8217;s involvement with various fraudulent schemes, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ftx-founder-sam-bankman-fried-found-guilty-of-financial-fraud-money-laundering\/\" title=\"FTX Founder Sam Bankman-Fried Convicted of Financial Fraud, Money Laundering\">including \u200bcreating\u2062 fake accounts<\/a> to inflate trading volume and manipulating market prices to his advantage.<\/p>\n<p>Throughout the trial,\u200d prosecutors also highlighted Bankman-Fried&#8217;s extravagant lifestyle as\u200c evidence of his fraudulent activities. They presented evidence of luxury purchases such as yachts, private jets,\u200b and luxury\u200d real estate properties that were allegedly funded with misappropriated funds.<\/p>\n<p>The conviction of \u2063Bankman-Fried is a significant blow to the\u200b cryptocurrency industry, which has already been marred \u2064by several high-profile fraud cases in recent years. It raises questions about\u200c the\u200d level of regulation and oversight\u200d within\u2063 the\u200c industry, as well \u200bas the responsibility of prominent cryptocurrency \u200cfigures to act ethically and\u200d transparently.<\/p>\n<blockquote>\n<h2>Implications and\u200d Appeal Process<\/h2>\n<\/blockquote>\n<p>The\u2064 guilty verdict could have far-reaching implications for Bankman-Fried, who was once hailed as a leading figure in the cryptocurrency \u200cworld.\u2064 If sentenced to \u2062prison, he may face financial \u2064ruin and the\u2062 loss of his prominent position within \u2063the industry.<\/p>\n<p>Bankman-Fried&#8217;s defense team has indicated that they will appeal\u200b the verdict. They argue\u200d that the trial was biased against their client and \u2062that Judge Kaplan&#8217;s decisions throughout the proceedings unfairly impacted \u2063their ability to present a robust defense. They \u200dplan \u200dto challenge the credibility of the prosecution&#8217;s witnesses, including Bankman-Fried&#8217;s former colleagues who testified against him.<\/p>\n<p>As the\u2063 appeal process unfolds, the outcome\u2062 will shape the future of Bankman-Fried&#8217;s\u2062 personal and professional life,\u200d as well \u200das\u2063 potentially impact the cryptocurrency\u2062 industry as\u2062 a whole. It will determine the\u200d extent \u2064to \u200bwhich cryptocurrency\u2062 figures can be held accountable for their actions\u2064 and the level\u2062 of trust that can be placed in the industry.<\/p>\n<p>This case highlights the need for increased regulation and oversight\u2063 in the cryptocurrency space. While \u2063cryptocurrency offers exciting opportunities and innovations,\u2062 it also attracts bad actors who\u200b exploit the lack of transparency and\u200c regulation for \u200dpersonal gain. Strengthening regulations \u200cand holding individuals accountable for fraudulent activities\u2062 will \u2062be crucial in maintaining the integrity of\u2062 the industry and protecting investors.<\/p>\n<h3>Conclusion<\/h3>\n<p>The\u200b conviction \u2063of Sam Bankman-Fried\u200d on charges of fraud and\u2063 money laundering sends a clear message\u200b that fraudulent\u200d activities within the cryptocurrency industry will not be tolerated. \u2064It underscores\u200b the importance of ethical conduct and transparency within the industry and serves as a wake-up call for regulators to strengthen oversight\u2063 and regulation.<\/p>\n<p>The appeal process will determine the\u2063 final outcome \u2064of this case and provide further insight into\u200b the extent of Bankman-Fried&#8217;s involvement in \u2062the alleged fraudulent activities. It will \u2063also\u200c shed light on\u200c the adequacy of current regulations and the accountability\u200c of \u2064cryptocurrency figures.<\/p>\n<p>Regardless of the final outcome, this case\u2064 serves as a reminder that while\u200d cryptocurrency has the\u200c potential to revolutionize the financial world, it must operate within a framework of trust, accountability, and \u2063adherence to ethical standards.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrency expert Sam Bankman-Fried, the 31-year-old FTX founder, has been convicted by a New York jury on all seven counts of fraud and conspiracy. Found guilty of cheating customers and investors out of $10 billion, he now faces lengthy imprisonment.<\/p>\n","protected":false},"author":887,"featured_media":2089704,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2089703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2089703","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/887"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2089703"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2089703\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2089704"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2089703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2089703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2089703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}