Tag: FTX

A second trial of FTX founder Sam Bankman-Fried on charges not in the cryptocurrency fraud case presented to a jury that convicted him in November is not necessary, prosecutors told a judge Friday.Prosecutors told U.S. District Judge Lewis A. Kaplan in a letter that evidence at a second trial would duplicate evidence already shown to a jury. They also said it would ignore the "strong public interest in a prompt resolution" of the case, particularly because victims would not benefit from forfeiture or restitution orders if sentencing is delayed.They said the judge can consider the evidence that would be used at a second trial when he sentences Bankman-Fried on March 28 for defrauding customers and investors of at least $10 billion. Bankman-Fried, 31, who...

FTX founder Sam Bankman-Fried has been found guilty on all seven counts of fraud, conspiracy and money laundering following more than two weeks of testimony in one of the highest-profile financial crime cases in years.The 31-year-old former cryptocurrency billionaire was convicted of two counts of wire fraud conspiracy, two counts of wire fraud and one count of conspiracy to commit money laundering, charges that each carry a maximum sentence of 20 years in prison. He was also convicted of conspiracy to commit commodities fraud and conspiracy to commit securities fraud, which each carry a five-year maximum sentence."Sam Bankman-Fried perpetrated one of the biggest frauds in American history, a multibillion-dollar scheme designed to make him the king of crypto," Damian Williams, U.S. attorn...

Former FTX executive Caroline Ellison, the government's star witness against Sam Bankman-Fried, took the stand Tuesday and accused him of orchestrating fraud at the cryptocurrency exchange. "He directed me to commit these crimes," Ellison  — who last year agreed to a deal with prosecutors in which she pleaded guilty to charges including wire fraud, securities fraud and commodities fraud — told the court. Viewed as key in making a criminal case stick against her one-time romantic partner, Ellison formerly ran Alameda Research, a sister hedge fund to FTX, the crypto currency platform co-founded by Bankman-Fried. Ellison pleaded guilty and agreed to cooperate with federal prosecutors after FTX imploded last year. Alameda "ultimately took around $14 billion...