Sam Bankman-Fried's Fall from Grace: FTX Founder Found Guilty of Fraud

Sam Bateman Fried has been found guilty of all seven counts brought against him a recap of his last week in court. Welcome to this special edition of Coin Desk Daily on the Sam Bateman free trial. I'm your host, Jens Asi. Exactly. One year after Coindesk published a scoop that spurred the former crypto mogul's downfall. 12 New York City residents found Sandbank been freed guilty of the seven charges brought against him by the Department of Justice. He could spend the rest of his life in prison. This week, we saw the last witness take the stand. Sam Beman freed himself. He voluntarily testified for three days and claimed that he didn't commit fraud. He said he thought ft X's outside expenditures came from company profits and blamed his collaborators and colleagues for the down fall of FTX and sibling company Alameda Research while being questioned by his defense team. He came across as practiced and polished. But when the prosecution began their cross examination, Beman Fried fumbled over his words and couldn't recall many instances. The Doj hammered home their case during closing arguments with us, assistant attorney Danielle Sassoon arguing bank and Fried broke a sacred unbreakable rule when dealing with customer funds, the defense countered that Sam did his best to start and operate two multibillion dollar businesses in a young market. Adding that quote, some decisions turned out well and some turned out poorly. The defense appealed to the jury to find that bank and freed acted in good faith. The 12 jurors were given more than 60 pages of instructions by Judge Lewis Kaplan and took roughly four hours to come to their verdict. The verdict was delivered late Thursday night. How many years will Sam Ban freed spend in prison? A tentative sentencing date is set for March 28th, 2024. Stay tuned to coin desk dot com for all of the latest updates in Sam Ban Freed sentencing and don't forget to subscribe to the SPF trial newsletter on coin desk dot com. We'll see you next time.