FTX founder SBF convicted of seven counts of fraud, could face up to 115 years in prison.

On the first anniversary of the FTX collapse, its founder was found guilty by a jury of seven counts of fraud. If all charges are upheld, he could face up to 115 years in prison. Sentencing will be announced on March 28, 2024, and although SBF has the right to appeal, the situation appears to be unfavorable for him based on the month-long trial.

12 ordinary jurors reached a unanimous verdict in less than 5 hours, finding SBF guilty of wire fraud against FTX customers, Alameda lenders, and FTX investors, as well as securities fraud, commodities fraud, and money laundering. Each of these charges carries a maximum sentence ranging from 5 to 20 years.

Prosecutors claim this is "one of the largest financial fraud cases in American history." SBF's defense attorneys may appeal the verdict, considering they have previously opposed the judge's rulings multiple times. Additionally, SBF will face trial for five more criminal charges in March 2024.

During the trial, SBF's testimony was disappointing. He frequently used "I don't remember" to evade questions and tried to shift the responsibility onto others. This attitude annoyed the judge, who repeatedly reminded him to answer the questions directly.

Prosecutors accused SBF of intentionally deceiving FTX customers, lenders, and investors by transferring customer funds to Alameda Research for venture capital, political donations, and real estate purchases. The defense argued that SBF's actions were made in "good faith" and that he simply made mistakes in a new market.

However, SBF's defense does not seem to be effective. His former business partners have pleaded guilty and testified against him, making his arguments difficult to believe.

Alfred Lin, a partner at Sequoia Capital, expressed support on social media for the conviction of SBF, believing that it confirms SBF misled and deceived many, including clients, employees, business partners, and investors.

This ruling marks an important progress in the trial of the SBF case. From the trial that lasted for a month, the final sentencing outcome is likely to meet the public's expectations for justice.