FTX founder Sam Bankman-Fried was found guilty on Thursday of defrauding customers of his now-bankrupt cryptocurrency exchange, Reuters reports.
A 12-member jury in Manhattan federal court convicted Bankman-Fried on all seven counts he faced after a monthlong trial in which prosecutors made the case that he stole $8 billion from the exchange's customers out of sheer greed. The verdict came just shy of one year after FTX filed for bankruptcy.
The jury reached the verdict after just over four hours of deliberations, the report said.
Bankman-Fried pleaded not guilty in January to two counts of fraud and five counts of conspiracy.
Bahamian authorities arrested Bankman-Fried in December of 2022 at the request of the US government. He was subsequently extradited to the US.
US District Judge Lewis Kaplan set Bankman-Fried's sentencing for March 28, 2024.
His defense lawyers, who objected to several rulings by Kaplan before and during the trial, are expected to appeal the verdict.
Bankman-Fried is also set to go on trial on a second set of charges brought by prosecutors earlier this year, including for alleged foreign bribery and bank fraud conspiracies.