Connect with us

Hi, what are you looking for?

Economy

After being found guilty of all charges, the FTX director could receive up to 100 years

After being found guilty of all charges, the FTX director could receive up to 100 years

According to Hungarian time, it was announced during the night that the jury found the director of FTX guilty of all charges against him.

The second-largest cryptocurrency exchange went bankrupt a year ago, causing losses to its clients and trading partners ranging from $7 to $9 billion, according to optimistic estimates, and much higher, according to other sources.

The cause of the collapse was the careless use of stock exchange client funds, embezzlement for personal purposes, and the financing of billions of dollars in losses accumulated by the stock exchange trading company (Alameda Research). Stock Exchange Director Sam Bankman-Fried was arrested last December, and his trial began only one month ago, at the beginning of October.

The former leader was initially charged with 11 charges, 7 of which were eventually tried in court. Based on the night report, the director was convicted of all charges.

  • Organizing and committing electronic fraud against FTX clients.
  • Conspiracy to commit wire fraud and commit wire fraud against creditors of Alameda Research.
  • An organization to commit securities fraud against FTX users.
  • Commodity exchange fraud regulation against FTX users.
  • An organization to commit money laundering crimes.

The FTX director could be sentenced to up to 115 years in prison for all of this. The ruling will be announced on March 28, 2024, and until then the leader will be placed in a medium-security prison.

Even before the final ruling is announced, on March 11, 2024, a second round of hearings may be held, where the director may be held liable for charges that have not yet been investigated. According to the first comments of experts, it is possible that after the complete success of the first round, the state will not have to impose this order so much. He asked the judge handling the case to be informed by February 1 whether the prosecution deems it necessary to conduct a second round.

See also  Demand has fallen so much that many Auchan stores no longer sell live fish

According to the remaining charges, the head of the stock exchange could be held responsible for bribery, committing bank fraud, derivatives trading fraud and operating an illegal money management service.

In the course of the court proceedings, the indictment analyzing illegal campaign financing was ultimately dropped and was not investigated. FTX spent $93 million of client funds supporting more than a third of the members of the US Congress and the President of the United States. Joe Biden received a $3 million donation from FTX, making the stock the second-largest backer of the 2020 presidential campaign.

More news and interesting things on the Discord channel and on Youtube.

Giveaway: Win a screen and $600 trading capital in Binance and Krypto Academy Fall Game

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Top News

In a harrowing incident that has shaken the community of Lewiston, Maine, a series of shootings on Wednesday evening resulted in a tragic loss...

Top News

President Joe Biden’s abrupt departure from a speech on the U.S. economy at the White House on Monday sent a ripple of speculation and...

World

Chinese scientists have discovered a little-known type of ore containing a rare earth metal highly sought after for its superconducting properties. The ore, called...

Tech

A dangerous application appeared in the Apple App Store disguised as a known program. 24.hu reported the Based on TechCrunch article. Dangerous app in...

Copyright © 2024 Campus Lately.