Bankman-Fried is slated for a sentencing hearing on March 28, 2024. The Associated Press news agency reports that while the potential penalties for his charges could total up to 110 years, the precise duration will be determined during the hearing.
Anticipated to remain in a Brooklyn jail until his sentencing, Bankman-Fried was incarcerated there in August following allegations of witness tampering leading up to the trial.
The former businessman is also set to face a second trial in March 2024, this time on five additional charges, including bribery.
Regarding Sam Bankman-Fried’s convictions, the case, described as one of the largest financial frauds on record, found him guilty on seven charges related to fraud, money laundering, and conspiracy to commit these offenses.
- One count of wire fraud, defined as using electronic communications for a criminal act.
- Two counts of conspiracy to commit fraud, indicating the involvement of at least one other person in the crime, in this case, his former executives who pleaded guilty for potential leniency.
- One count of conspiracy to commit commodities fraud, involving illicit activity surrounding the buying and selling of commodities like cryptocurrency.
Caroline Ellison, Bankman-Fried’s former girlfriend and the ex-CEO of Alameda Research, pleaded guilty and testified against him, asserting she was directed to misappropriate funds from customers.
In addition to the charges related to fraud, Bankman-Fried was convicted of lying to investors and lenders. This included:
- One count of wire fraud.
- Two conspiracy counts for misrepresentations to investors and lenders.
There was also an extra count of money laundering, defined by the U.S. government as disguising financial assets to conceal the illegally obtained funds.
The jury found him guilty of stealing at least $10 billion from customers and investors, rejecting his assertion that he had not intended to commit these crimes.
Regarding the possibility of appeal, Bankman-Fried is expected to petition the 2nd US Circuit Court of Appeals to review his conviction, as well as the rulings against him both before and during the trial, according to Reuters.
Bankman-Fried’s attorney, Mark Cohen, expressed disappointment with the verdict in a statement, while also affirming respect for the jury’s decision. Cohen stated, “Mr. Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him.”