FTX Founder Sam Bankman-Fried Convicted of $10 Billion Fraud in Stunning Downfall
-
FTX founder Sam Bankman-Fried was convicted by a New York jury of fraud for stealing at least $10 billion from customers and investors.
-
Prosecutors provided evidence that Bankman-Fried directed employees to commit fraud to support his ambitions to lead huge companies and gain political influence.
-
Three former executives, including his ex-girlfriend, testified against Bankman-Fried as part of plea deals.
-
The collapse of FTX last November exposed the massive fraud after customers rushed to withdraw funds.
-
Bankman-Fried faces up to 110 years in prison at sentencing, though he will likely get far less than the maximum.