Sam Bankman-Fried Found Guilty On All Charges In Fraud Case

Prosecutors say he stole nearly $14 billion in customer deposits from his crypto-currency exchange and wrongfully spent it.

A Manhattan federal jury found FTX co-founder Sam Bankman-Fried guilty on all charges he faced.

The 31-year-old entrepreneur is accused of conducting one of the largest financial frauds in history. Prosecutors say he stole nearly $14 billion in customer deposits from his crypto-currency exchange and wrongfully spent it for personal use as well as donating it to political candidates and more.

Bankman-Fried declared his innocence throughout the trial testifying that poor business decisions and management screw-ups were to blame for the undoing of his crypto-currency exchange, not fraud.

However, jury members concluded he was guilty on all seven criminal charges, ranging from wire fraud to money laundering. His sentencing is scheduled for March 28th, the counts carry a maximum of 110 years.