With the much-anticipated trial of Sam Bankman-Fried, founder and former CEO of FTX, set to commence today, here are all the key facts you need to know.
The long-awaited trial of Sam Bankman-Fried, the former CEO of bankrupt exchange FTX, is set to begin today. On Tuesday, Oct. 3, the trial will officially commence with jury selection at a federal court in lower Manhattan (Daniel Patrick Moynihan Courthouse at 500 Pearl Street).
With this, the 31-year-old has a final chance to share his side of the story, as many of his former colleagues and associates have already pled guilty to several charges of fraud and money laundering.
The FTX case has arguably been one of the biggest scandals in the crypto world and even one of the biggest cases of financial fraud in U.S. history. So, as this historic trial begins, let’s briefly look at the key facts, the charges, and the potential sentencing for SBF.
What are the charges against Sam Bankman-Fried?
SBF faces seven charges in this trial on different accounts of fraud and money laundering. These charges include:
- Two counts of ‘Wire Fraud’.
- Two counts of ‘Conspiracy to Commit Wire Fraud’.
- One count of ‘Conspiracy to Commit Money Laundering’.
All of these five charges have a maximum sentence of 20 years (for each count) and a minimum sentence of up to 6 months (for each count).
There’s also:
- One count of ‘Conspiracy to Commit Securities Fraud’.
- One cou
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Author: Mohammad Shahidullah
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