The jury has begun deliberating in Sam Bankman-Fried's trial on seven counts of fraud and conspiracy related to his time at the helm of FTX and its sister trading firm Alameda Research.
The jury could return with a verdict at any time until around 8:30 p.m. tonight in New York, at which point the court will recess until next Monday when deliberations will continue. The twelve jurors must reach a unanimous verdict on each of the seven counts in order to return a verdict.
Upon sending the jury to deliberate, judge Lewis Kaplan asked them to tell the court whether they'll need need dinner and transportation ordered for them in case the deliberation goes into the evening. About a half hour later, they came back and said they would, according to Inner City Press.
If found guilty on all charges, Bankman-Fried faces a maximum sentence of 115 years in prison for what prosecutors called "one of the biggest financial frauds in U.S. history."
In its closing argument, the prosecution argued that Bankman-Fried knowingly conspired to defraud customers, lenders, and investors in FTX, while the defense argued that Bankman-Fried made mistakes but acted in good faith — a "complete defense" against all charges in this case.
In another trial currently scheduled for March 2024, Bankman-Fried faces an additional five criminal charges including fraud on customers of FTX in connection with the purchase and sale of derivatives, securities fraud on investors in FTX, and three conspiracy charges: bank fraud, operating an unlicensed money transmitter business, and violating the bribery statute of the Foreign Corrupt Practices Act.
(Updates with report from Inner City Press.)
Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.
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