FTX founder Sam Bankman-Fried found guilty in federal fraud and conspiracy trial

A jury has found FTX founder Sam Bankman-Fried guilty on all charges in his federal fraud and conspiracy trial."We will have decorum in the courtroom when the verdict is announced," Judge Lewis Kaplan said before the reading.

He was accused of using customer deposits on the crypto trading platform FTX to cover losses at his hedge fund, pay off loans and buy lavish real estate, among other personal expenses.Bankman-Fried stepped down from his role at FTX in November 2022 amid a rapid collapse that ended with the company -- once valued at $32 billion at its peak -- declaring bankruptcy. Prosecutors charged Bankman-Fried the following month with an array of alleged crimes focused on a scheme to defraud investors.

Bankman-Fried also testified that he only learned two months before FTX collapsed into bankruptcy that Alameda had spent $8 billion of FTX customer funds.

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