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\n\t Jurors took solely a half-day of deliberations right now to search out former FTX<\/a> founder Sam Bankman-Fried<\/a> responsible of seven counts of fraud in a scheme that value clients an estimated $10 billion to $14 billion. His crypto alternate, FTX, collapsed out of business final yr.<\/p>\n \n\tHe now faces a March 28 sentencing date that would lead to a long time of jail time. The 2009 prosecution of Bernard Madoff, whose Ponzi scheme bilked about $20 billion. resulted in a sentence of 150 years in jail. <\/p>\n \n\tU.S. Attorney Damian Williams instructed reporters after the decision that Bankman-Fried \u201cperpetrated one of many largest monetary frauds in American historical past, a multibillion greenback scheme designed to make him the king of crypto..<\/p>\n \n\t\u201cBut here\u2019s the thing: The cryptocurrency industry might be new. The players like Sam Bankman-Fried might be new. This kind of fraud, this kind of corruption, is as old as time, and we have no patience for it,\u201d he stated.<\/p>\n \n\tBankman-Fried\u2019s attorneys stated they had been upset with the decision. Bankman-Fried himself took the witness stand for 4 days, a uncommon gambit by a defendant. He stated that he by no means supposed to commit fraud or cheat clients throughout his testimony.<\/p>\n \n\t \u201cHis crimes caught up to him. His crimes have been exposed,\u201d Assistant U.S. Attorney Danielle Sassoon instructed the jury simply earlier than they started deliberations. Sassoon stated Bankman-Fried turned his clients\u2019 accounts into his \u201cpersonal piggy bank,\u201d as as much as $14 billion disappeared. <\/p>\n \n\tBankman-Fried, 31, was one of many high gamers within the rising business of cryptocurrency. He lived the half, as he ceaselessly spoke at business conferences and lived with a bunch of younger executives of their 20s within the Bahamas. <\/p>\n \n\tPrivate jets, Super Bowl tickets, and movie star hangs had been all a part of their world, Bankman-Fried was additionally the No. 2 Democratic get together donor for the 2022 elections, donating greater than $40 million. Hollywood additionally pursued him, hoping to get exclusives on his story.<\/p>\n \n\tThe authorities relied on the testimony of three former members of Bankman-Fried\u2019s inside circle, together with his former girlfriend, Caroline Ellison. They detailed how he used buyer cash from FTX to prop up his hedge fund, Alameda Research. <\/p>\n \n\t FTX cofounder Gary Wang, who was FTX\u2019s chief know-how officer, testified that Bankman-Fried directed him to insert code into FTX\u2019s operations in order that Alameda Research might make limitless withdrawals from FTX and have a credit score line as much as $65 billion. Wang stated the cash got here from clients.<\/p>\n \n\t Ellison, Wang and Singh all pleaded responsible to fraud expenses and testified in opposition to Bankman-Fried within the hopes of leniency at sentencing.<\/p>\n