FTX founder SBF convicted of 7 counts of fraud, facing up to 115 years in prison.

On the anniversary of the FTX collapse, its founder has been found guilty by a jury of 7 counts of fraud. If the charges are ultimately upheld, he could face up to 115 years in prison. Sentencing is set to be announced on March 28, 2024, and although SBF has the right to appeal, the situation appears extremely unfavorable for him based on the month-long trial process.

This week, SBF completed a 4-day testimony. After 3 PM Eastern Time on Thursday, a jury composed of 12 ordinary citizens began deliberations. These jurors ranged in age from 33 to 69 and came from various professional backgrounds. They had to reach a unanimous decision on all 7 charges to render a verdict. Surprisingly, the jury reached a unanimous conclusion in less than 5 hours, finding SBF guilty on all 7 counts.

At around 7:40 PM that evening, the judge announced that a verdict had been reached. In the crowded courtroom, the guilty verdict was read, including wire fraud and conspiracy against FTX customers and Alameda lenders, conspiracy to commit securities fraud against FTX investors, conspiracy to commit commodity fraud against FTX customers, and conspiracy to commit money laundering. According to information from the U.S. Department of Justice, the maximum sentence for each charge ranges from 5 to 20 years.

If all charges are upheld, SBF could face up to 115 years in prison. Prosecutors have called it "one of the largest financial fraud cases in American history." Judge Lewis Kaplan has tentatively set the sentencing date for March 28, 2024.

Considering that SBF's defense attorney has repeatedly opposed Kaplan's rulings during pre-trial and trial, it is expected that they will appeal the judgment.

When the guilty verdict was announced, SBF remained still as the judge instructed him to look towards the jury box. His father bent down, while his mother sat upright with a blank expression, staring straight ahead.

In addition, SBF will face another trial in March 2024, involving five additional criminal charges. Therefore, his final trial and sentencing outcomes will take at least another six months to determine.

In the past four days of testimony, SBF's defense has often been incredible. He has repeatedly claimed to "not remember" certain events and tried to shift the blame to others. This attitude has repeatedly annoyed the judge, leading the judge to remind him to answer the questions directly.

For example, SBF claims that he was not involved in the daily trading decisions of Alameda Research and stated that he does not remember related reports from the time between FTX's collapse and his arrest. He described the misappropriation of client funds as Alameda's "risk management" and blamed FTX's collapse on Alameda's head, Caroline Ellison, for failing to adequately hedge against market risks.

Faced with such a cunning witness, the prosecutor's questioning was exceptionally difficult, having to repeatedly present evidence such as media reports, videos, and SBF's social media posts.

For SBF, this strategy of avoiding the facts in his testimony is a gamble. As long as he can convince one juror to believe his claims, there is a chance to change the outcome. However, contrary to his expectations, his former business partners have long pleaded guilty and testified against him, making his defense difficult to sustain.

A partner at an investment firm that once led an investment in FTX stated on social media that he agrees with the conviction of SBF and feels gratified by the outcome. He believes that this ruling confirms a fact that the public has long been aware of: SBF misled and deceived many people, including customers, employees, business partners, and investors.

The jury's verdict marks an important progress in the SBF case trial. Based on the trial proceedings that lasted for a month, the final sentencing outcome is likely to not disappoint those following the case.