FTX founder convicted of 7 counts of fraud, facing a maximum sentence of 115 years

On the anniversary of the FTX exchange collapse, its founder has been found guilty by a jury of 7 counts of fraud, with a maximum sentence of 115 years if convicted. Sentencing will be announced on March 28, 2024, and although the defendant has the right to appeal, the situation does not look optimistic based on the month-long trial.

The seven charges include wire fraud, conspiracy to defraud FTX customers and Alameda lenders, securities fraud, commodities fraud, and money laundering, among others. The maximum sentence for each charge ranges from 5 to 20 years. Prosecutors claim this is "one of the largest financial fraud cases in U.S. history."

12 ordinary jurors reached a unanimous verdict in less than 5 hours. The defendant looked dazed at the sentencing, while his father bowed his head and bent over, and his mother stared blankly straight ahead.

In addition to this trial, the defendant will also face another five criminal charges in March 2024, including derivatives trading fraud and securities fraud. The final judgment may take about another six months to determine.

During the 4-day defense, the defendant's performance was disappointing. He repeatedly stated that he "didn't remember" key events, attempting to shift responsibility to others. The defense attorney argued that the defendant acted out of "goodwill" and simply made a mistake. However, the prosecution pointed out that the defendant intentionally transferred client funds for venture investments, political donations, and other purposes.

Faced with such a cunning defendant, the prosecutor had no choice but to present a large amount of evidence to refute his claims. Although the defendant attempted to gain sympathy by "slacking off", the testimony of his former business partners rendered the defense futile.

A partner at a well-known investment firm expressed agreement with the ruling on social media, stating that the defendant indeed misled and deceived many people, including clients, employees, business partners, and investors.

This ruling marks an important progress in the case proceedings. Based on the month-long hearing situation, the final sentencing outcome may not disappoint those following this case.