Sam Bankman-Fried was found guilty in federal court of a multibillion dollar scheme, described by the media as one of the biggest financial frauds in American history. Bankman-Fried, 31, of Stanford, California, was convicted of two counts of wire fraud conspiracy, two counts of wire fraud, one count of conspiracy to commit money laundering, conspiracy to commit commodities fraud and conspiracy to commit securities fraud. The charges of wire fraud conspiracy and wire fraud each carry a maximum sentence of 20 years in prison. The charges of commodities fraud and conspiracy to commit securities fraud carry a maximum sentence of five years in prison each.
U.S. Attorney Damian Williams described the case as “a warning to every fraudster,” “who thinks they are untouchable…that they are too powerful to prosecute.”
The prosecution painted a picture of a group of young decision-makers at FTX whose haphazard organizational culture and lack of moral compass led them towards the execution of a historic fraud. U.S. Attorney Damian Williams accused Bankman Fried of trying to establish himself as “The King of Crypto.”
“When I started working at Alameda, I don’t think I would have believed you if you told me I would be sending false balance sheets to our lenders or taking customer money, but over time it was something I became more comfortable with,” testified Caroline Ellison, Mr. Bankman-Fried’s colleague and girlfriend.
The epic fall of FTX is a reminder that prosecutors take white collar crime schemes extremely seriously, and will go after people in positions of prominence.
Federal fraud, money laundering, wire fraud and securities fraud are some of the most serious crimes you can be accused of. If you are being investigated by federal agents for serious fraud charges or other financial crimes, the experienced White Collar Criminal Defense Attorneys at Dhar Law, LLP, will take charge of your case and defend your rights against life changing sentences. We have decades of experience defending the most serious charges in federal court. Please don’t hesitate to contact our experienced Federal Criminal Defense Team without hesitation immediately.
