FTX founder Sam Bankman-Fried was convicted of fraud and money laundering by a New York jury in a landmark criminal verdict that is likely to condemn the former crypto tycoon to decades in prison and bolster US authorities’ attempts to bring an unruly financial sector to heel.
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NewsTranscript
00:00 FTX founder Sam Bankman-Fried was convicted of fraud and money laundering by a New York
00:09 jury in a landmark criminal verdict that is likely to condemn the former crypto tycoon
00:14 to decades in prison and bolster US authorities' attempts to bring an unrelieved financial
00:20 sector to heel.
00:22 Bankman was convicted of fraud in a scheme that cheated customers and investors of at
00:25 least $10 billion.
00:28 Jurors rejected Bankman-Fried's claim that he had never committed fraud or meant to cheat
00:33 customers before FTX collapsed into bankruptcy.
00:39 Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history.
00:44 Damien Williams, US attorney for the Southern District of New York, said in a briefing after
00:49 the verdicts were read, "While the cryptocurrency industry might be new and the players like
00:53 Sam Bankman-Fried might be new, this kind of corruption is as old as time.
00:59 This case has always been about lying, cheating and stealing, and we have no patience for
01:03 it."
01:04 Flanked by the victorious prosecution team, Williams added that the verdict was a warning
01:08 to those who think they are clever enough to talk their way out of it if caught.
01:14 The culmination of the trial comes almost exactly a year after FTX fell into bankruptcy
01:19 after being unable to honor withdrawal requests from thousands of customers spooked by a market
01:24 downturn and damaging revelations about the exchange's opaque financial structures.
01:30 Sam Bankman, the son of two Stanford Law School professors, resigned from his Wall Street
01:35 position and launched a cryptocurrency hedge fund in 2017, which sparked a series of events
01:40 that led to his criminal conviction on Thursday for participating in what federal prosecutors
01:45 have dubbed one of the largest financial frauds in U.S. history.
01:50 After two years of launching a hedge fund, Alameda Research, Bankman-Fried founded FTX,
01:55 an exchange that lets users buy and sell digital assets, such as Bitcoin.
02:00 The next two years saw a sharp increase in the value of cryptocurrencies, which helped
02:04 Bankman-Fried reach a net worth of $26 billion before turning 30.
02:11 Bankman-Fried has entered a non-guilty plea to seven charges pertaining to fraud and conspiracy,
02:15 while he has admitted to poor risk management.
02:17 He has denied money theft.
02:19 Fried, who is currently 31 years old, stated in court that he made errors that hurt FTX
02:25 workers and clients, like failing to establish a risk management team.
02:29 However, he claimed that he had no intention of robbing anyone or taking money from them.
02:34 Bankman-Fried now awaits sentencing.
02:37 His case has been compared to that of Elizabeth Holmes, the founder of medical device company
02:41 Theranos, which ceased operations in 2018.
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