{"id":189488,"date":"2023-11-03T07:28:59","date_gmt":"2023-11-03T11:28:59","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=189488"},"modified":"2023-11-03T07:28:59","modified_gmt":"2023-11-03T11:28:59","slug":"sam-bankman-fried-convicted-of-10-billion-fraud-capping-crypto-kings-epic-fall","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/sam-bankman-fried-convicted-of-10-billion-fraud-capping-crypto-kings-epic-fall\/","title":{"rendered":"Sam Bankman-Fried convicted of $10 billion fraud, capping crypto king\u2019s epic fall"},"content":{"rendered":"<div id=\"antig-205922702\" class=\"antig-ecab antig-entity-placement\"><a href=\"https:\/\/discoverflow.co\/web\/antigua\" aria-label=\"ANU CVP Digital Broadband 1200x400_1\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1201w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:100\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:342\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:256\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1201\" height=\"401\"   \/><\/a><\/div><div id=\"antig-3651686604\" class=\"antig-before-content antig-entity-placement\"><a href=\"https:\/\/www.facebook.com\/medicalbenefitsscheme\" aria-label=\"ce741a73-c70c-446b-af7f-da2abe2b62bb\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1200\/h:400\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/ce741a73-c70c-446b-af7f-da2abe2b62bb.jpeg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1200\/h:400\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/ce741a73-c70c-446b-af7f-da2abe2b62bb.jpeg 1200w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:100\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/ce741a73-c70c-446b-af7f-da2abe2b62bb.jpeg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:341\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/ce741a73-c70c-446b-af7f-da2abe2b62bb.jpeg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:256\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/ce741a73-c70c-446b-af7f-da2abe2b62bb.jpeg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1200\" height=\"400\"   \/><\/a><\/div><p>NEW YORK (AP) \u2014 FTX founder\u00a0<span class=\"LinkEnhancement\"><a class=\"Link AnClick-LinkEnhancement \" href=\"https:\/\/apnews.com\/hub\/sam-bankman-fried\" target=\"_blank\" rel=\"noopener\">Sam Bankman-Fried\u2019s<\/a><\/span>\u00a0spectacular rise and fall in the cryptocurrency industry \u2014 a journey that included his testimony before Congress, a Super Bowl advertisement and dreams of a future run for president \u2014 hit rock bottom Thursday when a New York jury convicted him of fraud for stealing at least $10 billion from customers and investors.<\/p><div id=\"antig-2071301018\" class=\"antig-content_5 antig-entity-placement\"><a href=\"https:\/\/www.antiguabarbudaculinarymonth.com\/\" aria-label=\"culinary\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:843\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:843\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 2560w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:132\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:450\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:337\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 768w, https:\/\/mlavawteztbj.i.optimole.com\/w:1536\/h:675\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 1536w, https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:842\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 2048w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"2560\" height=\"1124\"   \/><\/a><\/div>\n<p>After the monthlong trial, jurors rejected Bankman-Fried\u2019s claim during testimony in Manhattan federal court that he never committed fraud or meant to cheat customers before FTX, once the world\u2019s second-largest crypto exchange, collapsed into bankruptcy a year ago.<\/p>\n<p>\u201cMr. Bankman-Fried. Please rise and face the jury,\u201d Judge Lewis A. Kaplan commanded just before a jury forewoman responded \u201cguilty\u201d seven times to two counts of wire fraud, two counts of wire fraud conspiracy and three other conspiracy charges, which carry potential penalties adding up to 110 years in prison. Bankman-Fried is likely to face far less than the maximum at a sentencing set for March 28.<\/p><div id=\"antig-3144617350\" class=\"antig-content_4 antig-entity-placement\"><a href=\"https:\/\/discoverflow.co\/web\/antigua\" aria-label=\"ANU CVP Digital Broadband 1200x400_1\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1201w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:100\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:342\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:256\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1201\" height=\"401\"   \/><\/a><\/div><div id=\"antig-3866404286\" class=\"antig-content_12 antig-entity-placement\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1320\/h:730\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/02\/IMG_5614.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1320\/h:730\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/02\/IMG_5614.jpg 1320w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:166\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/02\/IMG_5614.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:566\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/02\/IMG_5614.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:425\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/02\/IMG_5614.jpg 768w, https:\/\/mlavawteztbj.i.optimole.com\/w:696\/h:385\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/02\/IMG_5614.jpg 696w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1320\" height=\"730\"   \/><\/div>\n<p>As the verdict was read, Bankman-Fried seemed stunned, appearing stone-faced, his hands clasped before him, as his lawyers remained sitting beside him. When he sat down, he looked down for several minutes.<\/p><div id=\"antig-313688469\" class=\"antig-content antig-entity-placement\"><a href=\"https:\/\/www.antiguabarbudaculinarymonth.com\/\" aria-label=\"culinary\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:843\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:843\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 2560w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:132\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:450\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:337\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 768w, https:\/\/mlavawteztbj.i.optimole.com\/w:1536\/h:675\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 1536w, https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:842\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 2048w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"2560\" height=\"1124\"   \/><\/a><\/div>\n<p>His lawyer, Mark Cohen, later read a statement outside court to say they \u201crespect the jury\u2019s decision. But we are very disappointed with the result.\u201d<\/p>\n<p>\u201cMr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him,\u201d Cohen said.<\/p><div id=\"antig-3788275664\" class=\"antig-content_2 antig-entity-placement\"><a href=\"https:\/\/www.courts.com\/antigua\/\" aria-label=\"IMG_0783\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:500\/h:500\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/03\/IMG_0783.png\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:500\/h:500\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/03\/IMG_0783.png 500w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:300\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/03\/IMG_0783.png 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:150\/h:150\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/03\/IMG_0783.png 150w\" sizes=\"(max-width: 500px) 100vw, 500px\" width=\"500\" height=\"500\"   \/><\/a><\/div>\n<p>U.S. Attorney Damian Williams, who sat in the front row of the spectator section during the verdict, stood before cameras outside the courthouse and said Bankman-Fried \u201cperpetrated one of the biggest financial frauds in American history, a multibillion dollar scheme designed to make him the king of crypto.\u201d<\/p>\n<p>\u201cBut here\u2019s the thing: The cryptocurrency industry might be new. The players like Sam Bankman-Fried might be new. This kind of fraud, this kind of corruption is as old as time and we have no patience for it,\u201d he said.<\/p><div id=\"antig-1685399515\" class=\"antig-content_3 antig-entity-placement\"><a href=\"https:\/\/www.courts.com\/antigua\/\" aria-label=\"IMG_1115\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:864\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/04\/IMG_1115.jpeg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:864\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/04\/IMG_1115.jpeg 1080w, https:\/\/mlavawteztbj.i.optimole.com\/w:240\/h:300\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/04\/IMG_1115.jpeg 240w, https:\/\/mlavawteztbj.i.optimole.com\/w:819\/h:1024\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/04\/IMG_1115.jpeg 819w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:960\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/04\/IMG_1115.jpeg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1080\" height=\"1350\"   \/><\/a><\/div>\n<p>He said the case should serve as a warning to every other fraudster who \u201cthinks they\u2019re untouchable, that their crimes are too complex,\u201d that they are too powerful to prosecute or can talk their way out of their crimes because \u201cI promise we\u2019ll have enough handcuffs for all of them.\u201d<\/p><div id=\"antig-1983183248\" class=\"antig-content_6 antig-entity-placement\"><a href=\"https:\/\/discoverflow.co\/web\/antigua\" aria-label=\"ANU CVP Digital Broadband 1200x400_1\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1201w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:100\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:342\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:256\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1201\" height=\"401\"   \/><\/a><\/div>\n<p>The jury rejected Bankman-Fried\u2019s insistence during three days of testimony that he never committed fraud or plotted to steal from customers, investors and lenders and didn\u2019t realize his companies were at least $10 billion in debt until October 2022.<\/p>\n<div class=\"PageListEnhancementGeneric Enhancement\" data-module=\"\" data-module-trackunsubscribe=\"\" data-align-center=\"\">\n<div class=\"Enhancement-item\"><a id=\"sam-bankman-fried-trial\" class=\"AnchorLink\" name=\"sam-bankman-fried-trial\"><\/a><\/p>\n<div class=\"PageList-header\" data-prompt=\"visible\">\n<div class=\"PageList-header-title\">SAM-BANKMAN-FRIED TRIAL<\/div>\n<\/div>\n<div class=\"PageList-items\" data-list-loadmore-items=\"\">\n<div class=\"PageList-items-item\">\n<div class=\"PagePromo\" data-gtm-region=\"Prosecutor cites \u2018pyramid of deceit\u2019 by Sam Bankman-Fried; Defense lawyer says he\u2019s no monster\" data-align-top=\"\" data-mobile-alt-layout=\"true\">\n<div class=\"PagePromo-media\" data-animate=\"fromBottom\"><a class=\"Link\" href=\"https:\/\/apnews.com\/article\/sam-bankman-fried-ftx-crypto-bitcoin-a897a9a0eede12abc95f26ccbb735813\" aria-label=\"Prosecutor cites \u2018pyramid of deceit\u2019 by Sam Bankman-Fried; Defense lawyer says he\u2019s no monster\"><picture data-crop=\"imgEn-medium-3x2\"><source srcset=\"https:\/\/dims.apnews.com\/dims4\/default\/e1f1a90\/2147483647\/strip\/true\/crop\/6000x3998+0+1\/resize\/800x533!\/format\/webp\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F2c%2F8a%2Ffcaa5c631d7b3102c27da267bea7%2F1feba0c5227a43ef84155ebf1888baa8 1x,https:\/\/dims.apnews.com\/dims4\/default\/27f0fb4\/2147483647\/strip\/true\/crop\/6000x3998+0+1\/resize\/1600x1066!\/format\/webp\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F2c%2F8a%2Ffcaa5c631d7b3102c27da267bea7%2F1feba0c5227a43ef84155ebf1888baa8 2x\" type=\"image\/webp\" media=\"(min-width: 768px)\" \/><source srcset=\"https:\/\/dims.apnews.com\/dims4\/default\/1f513c4\/2147483647\/strip\/true\/crop\/6000x3998+0+1\/resize\/800x533!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F2c%2F8a%2Ffcaa5c631d7b3102c27da267bea7%2F1feba0c5227a43ef84155ebf1888baa8 1x,https:\/\/dims.apnews.com\/dims4\/default\/a1fe9f5\/2147483647\/strip\/true\/crop\/6000x3998+0+1\/resize\/1600x1066!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F2c%2F8a%2Ffcaa5c631d7b3102c27da267bea7%2F1feba0c5227a43ef84155ebf1888baa8 2x\" media=\"(min-width: 768px)\" \/><source srcset=\"https:\/\/dims.apnews.com\/dims4\/default\/0ce9698\/2147483647\/strip\/true\/crop\/6000x3997+0+1\/resize\/767x511!\/format\/webp\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F2c%2F8a%2Ffcaa5c631d7b3102c27da267bea7%2F1feba0c5227a43ef84155ebf1888baa8 1x,https:\/\/dims.apnews.com\/dims4\/default\/c1c759b\/2147483647\/strip\/true\/crop\/6000x3997+0+1\/resize\/1534x1022!\/format\/webp\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F2c%2F8a%2Ffcaa5c631d7b3102c27da267bea7%2F1feba0c5227a43ef84155ebf1888baa8 2x\" type=\"image\/webp\" media=\"(min-width: 600px)\" \/><source srcset=\"https:\/\/dims.apnews.com\/dims4\/default\/30c05dd\/2147483647\/strip\/true\/crop\/6000x3997+0+1\/resize\/767x511!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F2c%2F8a%2Ffcaa5c631d7b3102c27da267bea7%2F1feba0c5227a43ef84155ebf1888baa8 1x,https:\/\/dims.apnews.com\/dims4\/default\/d9a995e\/2147483647\/strip\/true\/crop\/6000x3997+0+1\/resize\/1534x1022!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F2c%2F8a%2Ffcaa5c631d7b3102c27da267bea7%2F1feba0c5227a43ef84155ebf1888baa8 2x\" media=\"(min-width: 600px)\" \/><source srcset=\"https:\/\/dims.apnews.com\/dims4\/default\/0b7d6f9\/2147483647\/strip\/true\/crop\/6000x3997+0+2\/resize\/599x399!\/format\/webp\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F2c%2F8a%2Ffcaa5c631d7b3102c27da267bea7%2F1feba0c5227a43ef84155ebf1888baa8 1x,https:\/\/dims.apnews.com\/dims4\/default\/f57e30f\/2147483647\/strip\/true\/crop\/6000x3997+0+2\/resize\/1198x798!\/format\/webp\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F2c%2F8a%2Ffcaa5c631d7b3102c27da267bea7%2F1feba0c5227a43ef84155ebf1888baa8 2x\" type=\"image\/webp\" \/><source srcset=\"https:\/\/dims.apnews.com\/dims4\/default\/1a959b5\/2147483647\/strip\/true\/crop\/6000x3997+0+2\/resize\/599x399!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F2c%2F8a%2Ffcaa5c631d7b3102c27da267bea7%2F1feba0c5227a43ef84155ebf1888baa8 1x,https:\/\/dims.apnews.com\/dims4\/default\/a853fb6\/2147483647\/strip\/true\/crop\/6000x3997+0+2\/resize\/1198x798!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F2c%2F8a%2Ffcaa5c631d7b3102c27da267bea7%2F1feba0c5227a43ef84155ebf1888baa8 2x\" \/><img decoding=\"async\" class=\"Image\" src=\"https:\/\/dims.apnews.com\/dims4\/default\/1a959b5\/2147483647\/strip\/true\/crop\/6000x3997+0+2\/resize\/599x399!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F2c%2F8a%2Ffcaa5c631d7b3102c27da267bea7%2F1feba0c5227a43ef84155ebf1888baa8\" srcset=\"https:\/\/dims.apnews.com\/dims4\/default\/1a959b5\/2147483647\/strip\/true\/crop\/6000x3997+0+2\/resize\/599x399!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F2c%2F8a%2Ffcaa5c631d7b3102c27da267bea7%2F1feba0c5227a43ef84155ebf1888baa8 1x,https:\/\/dims.apnews.com\/dims4\/default\/a853fb6\/2147483647\/strip\/true\/crop\/6000x3997+0+2\/resize\/1198x798!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F2c%2F8a%2Ffcaa5c631d7b3102c27da267bea7%2F1feba0c5227a43ef84155ebf1888baa8 2x\" alt=\"FILE - FTX founder Sam Bankman-Fried arrives at Manhattan federal court, Friday, Aug. 11, 2023, in New York. A lawyer for Bankman-Fried said Wednesday, Oct. 25, 2023, the FTX founder plans to testify at his fraud trial. (AP Photo\/Bebeto Matthews, File)\" width=\"599\" height=\"399\" \/><\/picture><\/a><\/div>\n<div class=\"PagePromo-content\" data-animate=\"fromBottom\">\n<div class=\"PagePromo-title\"><a class=\"Link \" href=\"https:\/\/apnews.com\/article\/sam-bankman-fried-ftx-crypto-bitcoin-a897a9a0eede12abc95f26ccbb735813\"><span class=\"PagePromoContentIcons-text\">Prosecutor cites \u2018pyramid of deceit\u2019 by Sam Bankman-Fried; Defense lawyer says he\u2019s no monster<\/span><\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"PageList-items-item\">\n<div class=\"PagePromo\" data-gtm-region=\"FTX founder Sam Bankman-Fried acknowledges in court customers were hurt\" data-align-top=\"\" data-mobile-alt-layout=\"true\">\n<div class=\"PagePromo-media\" data-animate=\"fromBottom\"><a class=\"Link\" href=\"https:\/\/apnews.com\/article\/sam-bankman-fried-ftx-crypto-bitcoin-a2289ccf2491ed859f85d229450f1137\" aria-label=\"FTX founder Sam Bankman-Fried acknowledges in court customers were hurt\"><picture data-crop=\"imgEn-medium-3x2\"><source srcset=\"https:\/\/dims.apnews.com\/dims4\/default\/de7c2fe\/2147483647\/strip\/true\/crop\/3156x2103+292+0\/resize\/800x533!\/format\/webp\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F84%2Fec%2F92d7d972fda2da17b93cb6878e55%2F887cec1a3a8c437aa52ca9b4ebbd45c9 1x,https:\/\/dims.apnews.com\/dims4\/default\/4e4ccda\/2147483647\/strip\/true\/crop\/3156x2103+292+0\/resize\/1600x1066!\/format\/webp\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F84%2Fec%2F92d7d972fda2da17b93cb6878e55%2F887cec1a3a8c437aa52ca9b4ebbd45c9 2x\" type=\"image\/webp\" media=\"(min-width: 768px)\" \/><source srcset=\"https:\/\/dims.apnews.com\/dims4\/default\/3f5c4be\/2147483647\/strip\/true\/crop\/3156x2103+292+0\/resize\/800x533!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F84%2Fec%2F92d7d972fda2da17b93cb6878e55%2F887cec1a3a8c437aa52ca9b4ebbd45c9 1x,https:\/\/dims.apnews.com\/dims4\/default\/967f91b\/2147483647\/strip\/true\/crop\/3156x2103+292+0\/resize\/1600x1066!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F84%2Fec%2F92d7d972fda2da17b93cb6878e55%2F887cec1a3a8c437aa52ca9b4ebbd45c9 2x\" media=\"(min-width: 768px)\" \/><source srcset=\"https:\/\/dims.apnews.com\/dims4\/default\/cbc6639\/2147483647\/strip\/true\/crop\/3157x2103+292+0\/resize\/767x511!\/format\/webp\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F84%2Fec%2F92d7d972fda2da17b93cb6878e55%2F887cec1a3a8c437aa52ca9b4ebbd45c9 1x,https:\/\/dims.apnews.com\/dims4\/default\/130a06c\/2147483647\/strip\/true\/crop\/3157x2103+292+0\/resize\/1534x1022!\/format\/webp\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F84%2Fec%2F92d7d972fda2da17b93cb6878e55%2F887cec1a3a8c437aa52ca9b4ebbd45c9 2x\" type=\"image\/webp\" media=\"(min-width: 600px)\" \/><source srcset=\"https:\/\/dims.apnews.com\/dims4\/default\/a37e496\/2147483647\/strip\/true\/crop\/3157x2103+292+0\/resize\/767x511!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F84%2Fec%2F92d7d972fda2da17b93cb6878e55%2F887cec1a3a8c437aa52ca9b4ebbd45c9 1x,https:\/\/dims.apnews.com\/dims4\/default\/edc2267\/2147483647\/strip\/true\/crop\/3157x2103+292+0\/resize\/1534x1022!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F84%2Fec%2F92d7d972fda2da17b93cb6878e55%2F887cec1a3a8c437aa52ca9b4ebbd45c9 2x\" media=\"(min-width: 600px)\" \/><source srcset=\"https:\/\/dims.apnews.com\/dims4\/default\/1a3a2c8\/2147483647\/strip\/true\/crop\/3157x2103+291+0\/resize\/599x399!\/format\/webp\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F84%2Fec%2F92d7d972fda2da17b93cb6878e55%2F887cec1a3a8c437aa52ca9b4ebbd45c9 1x,https:\/\/dims.apnews.com\/dims4\/default\/79b8454\/2147483647\/strip\/true\/crop\/3157x2103+291+0\/resize\/1198x798!\/format\/webp\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F84%2Fec%2F92d7d972fda2da17b93cb6878e55%2F887cec1a3a8c437aa52ca9b4ebbd45c9 2x\" type=\"image\/webp\" \/><source srcset=\"https:\/\/dims.apnews.com\/dims4\/default\/ef7db34\/2147483647\/strip\/true\/crop\/3157x2103+291+0\/resize\/599x399!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F84%2Fec%2F92d7d972fda2da17b93cb6878e55%2F887cec1a3a8c437aa52ca9b4ebbd45c9 1x,https:\/\/dims.apnews.com\/dims4\/default\/dbe4f69\/2147483647\/strip\/true\/crop\/3157x2103+291+0\/resize\/1198x798!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F84%2Fec%2F92d7d972fda2da17b93cb6878e55%2F887cec1a3a8c437aa52ca9b4ebbd45c9 2x\" \/><img decoding=\"async\" class=\"Image\" src=\"https:\/\/dims.apnews.com\/dims4\/default\/ef7db34\/2147483647\/strip\/true\/crop\/3157x2103+291+0\/resize\/599x399!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F84%2Fec%2F92d7d972fda2da17b93cb6878e55%2F887cec1a3a8c437aa52ca9b4ebbd45c9\" srcset=\"https:\/\/dims.apnews.com\/dims4\/default\/ef7db34\/2147483647\/strip\/true\/crop\/3157x2103+291+0\/resize\/599x399!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F84%2Fec%2F92d7d972fda2da17b93cb6878e55%2F887cec1a3a8c437aa52ca9b4ebbd45c9 1x,https:\/\/dims.apnews.com\/dims4\/default\/dbe4f69\/2147483647\/strip\/true\/crop\/3157x2103+291+0\/resize\/1198x798!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F84%2Fec%2F92d7d972fda2da17b93cb6878e55%2F887cec1a3a8c437aa52ca9b4ebbd45c9 2x\" alt=\"In this courtroom sketch, Sam Bankman-Fried testifies on the witness stand in Manhattan federal court, Friday, Oct. 27, 2023, in New York. (Elizabeth Williams via AP)\" width=\"599\" height=\"399\" \/><\/picture><\/a><\/div>\n<div class=\"PagePromo-content\" data-animate=\"fromBottom\">\n<div class=\"PagePromo-title\"><a class=\"Link \" href=\"https:\/\/apnews.com\/article\/sam-bankman-fried-ftx-crypto-bitcoin-a2289ccf2491ed859f85d229450f1137\"><span class=\"PagePromoContentIcons-text\">FTX founder Sam Bankman-Fried acknowledges in court customers were hurt<\/span><\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"PageList-items-item\">\n<div class=\"PagePromo\" data-gtm-region=\"Caroline Ellison, saying Sam Bankman-Fried corrupted her values, found relief when truth came out\" data-align-top=\"\" data-mobile-alt-layout=\"true\">\n<div class=\"PagePromo-media\" data-animate=\"fromBottom\"><a class=\"Link\" href=\"https:\/\/apnews.com\/article\/bankman-fried-trial-caroline-ellison-ftx-sbf-05676cd35b3d6adf80c1c7523889c40a\" aria-label=\"Caroline Ellison, saying Sam Bankman-Fried corrupted her values, found relief when truth came out\"><picture data-crop=\"imgEn-medium-3x2\"><source srcset=\"https:\/\/dims.apnews.com\/dims4\/default\/757ad53\/2147483647\/strip\/true\/crop\/2955x1969+272+0\/resize\/800x533!\/format\/webp\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F38%2Fe4%2Fd549a838a7af9dee97c995bc1d5e%2Fed4b99a5b46a4d17be0c959e160192e7 1x,https:\/\/dims.apnews.com\/dims4\/default\/2f3c3ef\/2147483647\/strip\/true\/crop\/2955x1969+272+0\/resize\/1600x1066!\/format\/webp\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F38%2Fe4%2Fd549a838a7af9dee97c995bc1d5e%2Fed4b99a5b46a4d17be0c959e160192e7 2x\" type=\"image\/webp\" media=\"(min-width: 768px)\" \/><source srcset=\"https:\/\/dims.apnews.com\/dims4\/default\/f053301\/2147483647\/strip\/true\/crop\/2955x1969+272+0\/resize\/800x533!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F38%2Fe4%2Fd549a838a7af9dee97c995bc1d5e%2Fed4b99a5b46a4d17be0c959e160192e7 1x,https:\/\/dims.apnews.com\/dims4\/default\/f941dd5\/2147483647\/strip\/true\/crop\/2955x1969+272+0\/resize\/1600x1066!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F38%2Fe4%2Fd549a838a7af9dee97c995bc1d5e%2Fed4b99a5b46a4d17be0c959e160192e7 2x\" media=\"(min-width: 768px)\" \/><source srcset=\"https:\/\/dims.apnews.com\/dims4\/default\/6ebbb01\/2147483647\/strip\/true\/crop\/2955x1969+272+0\/resize\/767x511!\/format\/webp\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F38%2Fe4%2Fd549a838a7af9dee97c995bc1d5e%2Fed4b99a5b46a4d17be0c959e160192e7 1x,https:\/\/dims.apnews.com\/dims4\/default\/388c5e8\/2147483647\/strip\/true\/crop\/2955x1969+272+0\/resize\/1534x1022!\/format\/webp\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F38%2Fe4%2Fd549a838a7af9dee97c995bc1d5e%2Fed4b99a5b46a4d17be0c959e160192e7 2x\" type=\"image\/webp\" media=\"(min-width: 600px)\" \/><source srcset=\"https:\/\/dims.apnews.com\/dims4\/default\/f45beab\/2147483647\/strip\/true\/crop\/2955x1969+272+0\/resize\/767x511!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F38%2Fe4%2Fd549a838a7af9dee97c995bc1d5e%2Fed4b99a5b46a4d17be0c959e160192e7 1x,https:\/\/dims.apnews.com\/dims4\/default\/b7ce164\/2147483647\/strip\/true\/crop\/2955x1969+272+0\/resize\/1534x1022!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F38%2Fe4%2Fd549a838a7af9dee97c995bc1d5e%2Fed4b99a5b46a4d17be0c959e160192e7 2x\" media=\"(min-width: 600px)\" \/><source srcset=\"https:\/\/dims.apnews.com\/dims4\/default\/e593bbc\/2147483647\/strip\/true\/crop\/2956x1969+272+0\/resize\/599x399!\/format\/webp\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F38%2Fe4%2Fd549a838a7af9dee97c995bc1d5e%2Fed4b99a5b46a4d17be0c959e160192e7 1x,https:\/\/dims.apnews.com\/dims4\/default\/3026502\/2147483647\/strip\/true\/crop\/2956x1969+272+0\/resize\/1198x798!\/format\/webp\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F38%2Fe4%2Fd549a838a7af9dee97c995bc1d5e%2Fed4b99a5b46a4d17be0c959e160192e7 2x\" type=\"image\/webp\" \/><source srcset=\"https:\/\/dims.apnews.com\/dims4\/default\/4b3af92\/2147483647\/strip\/true\/crop\/2956x1969+272+0\/resize\/599x399!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F38%2Fe4%2Fd549a838a7af9dee97c995bc1d5e%2Fed4b99a5b46a4d17be0c959e160192e7 1x,https:\/\/dims.apnews.com\/dims4\/default\/7ac9aaf\/2147483647\/strip\/true\/crop\/2956x1969+272+0\/resize\/1198x798!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F38%2Fe4%2Fd549a838a7af9dee97c995bc1d5e%2Fed4b99a5b46a4d17be0c959e160192e7 2x\" \/><img decoding=\"async\" class=\"Image\" src=\"https:\/\/dims.apnews.com\/dims4\/default\/4b3af92\/2147483647\/strip\/true\/crop\/2956x1969+272+0\/resize\/599x399!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F38%2Fe4%2Fd549a838a7af9dee97c995bc1d5e%2Fed4b99a5b46a4d17be0c959e160192e7\" srcset=\"https:\/\/dims.apnews.com\/dims4\/default\/4b3af92\/2147483647\/strip\/true\/crop\/2956x1969+272+0\/resize\/599x399!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F38%2Fe4%2Fd549a838a7af9dee97c995bc1d5e%2Fed4b99a5b46a4d17be0c959e160192e7 1x,https:\/\/dims.apnews.com\/dims4\/default\/7ac9aaf\/2147483647\/strip\/true\/crop\/2956x1969+272+0\/resize\/1198x798!\/quality\/90\/?url=https%3A%2F%2Fassets.apnews.com%2F38%2Fe4%2Fd549a838a7af9dee97c995bc1d5e%2Fed4b99a5b46a4d17be0c959e160192e7 2x\" alt=\"Caroline Ellison, former CEO of Alameda Research founded by Sam Bankman-Fried, exits Manhattan federal court after testifying, Tuesday, Oct. 10, 2023, in New York. (AP Photo\/Eduardo Munoz Alvarez)\" width=\"599\" height=\"399\" \/><\/picture><\/a><\/div>\n<div class=\"PagePromo-content\" data-animate=\"fromBottom\">\n<div class=\"PagePromo-title\"><a class=\"Link \" href=\"https:\/\/apnews.com\/article\/bankman-fried-trial-caroline-ellison-ftx-sbf-05676cd35b3d6adf80c1c7523889c40a\"><span class=\"PagePromoContentIcons-text\">Caroline Ellison, saying Sam Bankman-Fried corrupted her values, found relief when truth came out<\/span><\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>After the jury left the room, Bankman-Fried\u2019s parents, both Stanford University law professors, moved to the front row behind him. His father put his arm around his wife. As Bankman-Fried was led out of the courtroom, he looked back and nodded toward his mother, who nodded back and then became emotional, wiping her hand over her face after he left the room.<\/p>\n<p>The trial attracted intense interest with its focus on a fraud on a scale not seen since the 2009 prosecution of Bernard Madoff, whose Ponzi scheme over decades cheated thousands of investors out of about $20 billion. Madoff pleaded guilty and was sentenced to 150 years in prison, where he died in 2021.<\/p>\n<p>The prosecution of Bankman-Fried, 31, put a spotlight on the emerging industry of cryptocurrency and a group of young executives in their 20s who lived together in a $30 million luxury apartment in the Bahamas as they dreamed of becoming the most powerful player in a new financial field.<\/p>\n<p>Prosecutors made sure jurors knew that the defendant they saw in court with short hair and a suit was not the man with big messy hair and shorts that became his trademark appearance after he started his cryptocurrency hedge fund, Alameda Research, in 2017 and FTX, his cryptocurrency exchange, two years later.<\/p>\n<p>They showed the jury pictures of Bankman-Fried sleeping on a private jet, sitting with a deck of cards and mingling at the Super Bowl with celebrities including the singer Katy Perry. Assistant U.S. Attorney Nicolas Roos called Bankman-Fried someone who liked \u201ccelebrity chasing.\u201d<\/p>\n<p>In a closing argument, Cohen said prosecutors were trying to turn \u201cSam into some sort of villain, some sort of monster.\u201d<\/p>\n<p>\u201cIt\u2019s both wrong and unfair, and I hope and believe that you have seen that it\u2019s simply not true,\u201d he said. \u201cAccording to the government, everything Sam ever touched and said was fraudulent.\u201d<\/p>\n<div id=\"antig-3561449843\" class=\"antig-in-comments_2 antig-entity-placement\"><a href=\"https:\/\/www.facebook.com\/@hadeedmotorsltd\" aria-label=\"Hadeed_WEB_Banner_MG-2\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1000\/h:250\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/Hadeed_WEB_Banner_MG-2.png\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1000\/h:250\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/Hadeed_WEB_Banner_MG-2.png 1000w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:75\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/Hadeed_WEB_Banner_MG-2.png 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:192\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/Hadeed_WEB_Banner_MG-2.png 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1000\" height=\"250\"   \/><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>NEW YORK (AP) \u2014 FTX founder\u00a0Sam Bankman-Fried\u2019s\u00a0spectacular rise and fall in the cryptocurrency industry \u2014 a journey that included his testimony before Congress, a Super Bowl advertisement and dreams of a future run for president \u2014 hit rock bottom Thursday when a New York jury convicted him of fraud for stealing at least $10 billion [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":189490,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-189488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - 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