Statement Of U.S. Attorney Damian Williams On The Conviction Of Samuel Bankman-Fried
summary
Samuel Bankman-Fried, former CEO of FTX, was convicted of orchestrating a multibillion-dollar scheme involving wire fraud, money laundering, and securities fraud, and faces up to 110 years in prison.
paragraph
Samuel Bankman-Fried, 31, was convicted of seven felony counts, including wire fraud conspiracy and conspiracy to commit money laundering, for orchestrating a multibillion-dollar fraud that siphoned billions of customer funds from FTX. The scheme involved deceptive financial statements, misuse of customer deposits, and intentional misrepresentation to investors and regulators. Bankman-Fried faces up to 110 years in prison, with each count carrying maximum sentences of 20 or 5 years.
narrative
Samuel Bankman-Fried, the former CEO of FTX, was convicted of orchestrating a multibillion-dollar scheme involving wire fraud, money laundering, and securities fraud. The scheme, one of the largest financial frauds in U.S. history, involved deceptive financial statements, misuse of customer deposits, and intentional misrepresentation to investors and regulators. Bankman-Fried siphoned billions of customer funds from FTX to cover losses at his trading firm, Alameda Research, and to fund lavish personal expenses and political donations. The conviction followed a swift, high-profile trial in the Southern District of New York, underscoring the DOJ’s commitment to holding even high-profile crypto figures accountable. Bankman-Fried faces up to 110 years in prison, with each count carrying maximum sentences of 20 or 5 years. The U.S. Attorney’s Office hailed the verdict as a landmark enforcement action signaling zero tolerance for financial corruption. A judge will determine the final term of Bankman-Fried’s sentencing.
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Statutes
Parties
United States of AmericaSamuel Bankman-Fried
Keywords
bankman-friedlinkstatement damiandamian williamswilliams convictionconviction samuelsamuel bankman-friedgovernment non-governmentnon-government sitessites typicallytypically appearappear externalexternal linklink iconicon indicate
Extracted insights
Entities 4
- person commodities fraud conspiracy conviction
- scheme_term conspiracy to commit commodities fraud and conspiracy to commit securities fraud
- person damian williams
- scheme_term wire fraud conspiracy conviction
Triples 7
- Samuel Bankman-Fried convicted of two counts of wire fraud conspiracy, two counts of wire fraud, one count of conspiracy to commit money laundering
- Samuel Bankman-Fried convicted of conspiracy to commit commodities fraud and conspiracy to commit securities fraud
- Samuel Bankman-Fried perpetrated multibillion-dollar financial fraud scheme
- Damian Williams is U.S. Attorney, Southern District of New York
- Samuel Bankman-Fried is 31 years old, from Stanford, California
- Wire fraud conspiracy conviction carries maximum sentence of 20 years in prison
- Commodities fraud conspiracy conviction carries maximum sentence of 5 years in prison
Extracted body text (3,335c)
Press Release Statement Of U.S. Attorney Damian Williams On The Conviction Of Samuel Bankman-Fried Thursday, November 2, 2023 Share FacebookLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. XLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. LinkedInLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. Email For Immediate Release U.S. Attorney's Office, Southern District of New York “Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history – a multibillion-dollar scheme designed to make him the King of Crypto – but while the cryptocurrency industry might be new and the players like Sam Bankman-Fried might be new, this kind of corruption is as old as time. This case has always been about lying, cheating, and stealing, and we have no patience for it. When I became U.S. Attorney, I promised we would be relentless in rooting out corruption in our financial markets. This is what relentless looks like. This case moved at lightning speed – that was not a coincidence, that was a choice. This case is also a warning to every fraudster who thinks they’re untouchable, that their crimes are too complex for us to catch, that they are too powerful to prosecute, or that they are clever enough to talk their way out of it if caught. Those folks should think again, and cut it out. And if they don’t, I promise we’ll have enough handcuffs for all of them. This verdict would not have been possible without the amazing work by the career prosecutors from my Office and the FBI agents who have given their all for this case. We have pushed them hard, and they have delivered every step of the way. They are the best of the best, and I am grateful for them. This case has received a tremendous amount of attention, and I understand why that is, but the women and men of the Southern District of New York consistently deliver outstanding public service on behalf of the American people – without fear or favor and often without any public recognition. They do it because they believe in the rule of law, because they love this country, and because they are patriots. I am proud to serve with them.” * * * Bankman-Fried, 31, of Stanford, California, was convicted of two counts of wire fraud conspiracy, two counts of wire fraud, and one count of conspiracy to commit money laundering, each of which carries a maximum sentence of 20 years in prison. He was also convicted of conspiracy to commit commodities fraud and conspiracy to commit securities fraud, each of which carries a maximum sentence of five years in prison. The statutory maximum sentences are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant will be determined by a judge. Contact Nicholas Biase (212) 637-2600 Updated November 2, 2023 Topic Securities, Commodities, & Investment Fraud Component USAO - New York, Southern Press Release Number: 23-380
OCR text (3,335c · html-text · 99% conf)
Press Release Statement Of U.S. Attorney Damian Williams On The Conviction Of Samuel Bankman-Fried Thursday, November 2, 2023 Share FacebookLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. XLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. LinkedInLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. Email For Immediate Release U.S. Attorney's Office, Southern District of New York “Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history – a multibillion-dollar scheme designed to make him the King of Crypto – but while the cryptocurrency industry might be new and the players like Sam Bankman-Fried might be new, this kind of corruption is as old as time. This case has always been about lying, cheating, and stealing, and we have no patience for it. When I became U.S. Attorney, I promised we would be relentless in rooting out corruption in our financial markets. This is what relentless looks like. This case moved at lightning speed – that was not a coincidence, that was a choice. This case is also a warning to every fraudster who thinks they’re untouchable, that their crimes are too complex for us to catch, that they are too powerful to prosecute, or that they are clever enough to talk their way out of it if caught. Those folks should think again, and cut it out. And if they don’t, I promise we’ll have enough handcuffs for all of them. This verdict would not have been possible without the amazing work by the career prosecutors from my Office and the FBI agents who have given their all for this case. We have pushed them hard, and they have delivered every step of the way. They are the best of the best, and I am grateful for them. This case has received a tremendous amount of attention, and I understand why that is, but the women and men of the Southern District of New York consistently deliver outstanding public service on behalf of the American people – without fear or favor and often without any public recognition. They do it because they believe in the rule of law, because they love this country, and because they are patriots. I am proud to serve with them.” * * * Bankman-Fried, 31, of Stanford, California, was convicted of two counts of wire fraud conspiracy, two counts of wire fraud, and one count of conspiracy to commit money laundering, each of which carries a maximum sentence of 20 years in prison. He was also convicted of conspiracy to commit commodities fraud and conspiracy to commit securities fraud, each of which carries a maximum sentence of five years in prison. The statutory maximum sentences are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant will be determined by a judge. Contact Nicholas Biase (212) 637-2600 Updated November 2, 2023 Topic Securities, Commodities, & Investment Fraud Component USAO - New York, Southern Press Release Number: 23-380