Sam Bankman-Fried Was Guilty, and Not Even Michael Lewis Could Save Him

Sam Bankman-Fried was found guilty this week for running a crypto scam and faces years in prison. It seems jurors weren't taken in by SBF like famed author Michael Lewis, whose new book paints an oddly sympathetic portrait of Bankman-Fried.

FTX Founder Sam Bankman-Fried Back To Court After Accesses Internet

Sam Bankman-Fried, the cofounder of FTX who was recently convicted of fraud, departs from court in New York on February 16, 2023. (Stephanie Keith / Bloomberg)


Sam Bankman-Fried, founder and ex-CEO of the crypto exchange FTX, was found guilty this week on seven counts of fraud and money laundering, for which he faces up to 110 years in prison.

The US government charged Bankman-Fried with embezzling and misappropriating billions of dollars in customer deposits into his other company, Alameda Research, a crypto trading firm. Owning both companies, SBF secretly allowed Alameda to borrow “infinity dollars” from FTX customer deposits in order to fund its own investments and repay loans, and to funnel cash towards political donations and luxurious real estate purchases.

After weeks of witness examinations and cross examinations, piles of government evidence, and several days of listening to Bankman-Fried himself, the jury took less than five hours to deliberate and return with guilty charges on all counts. It was not exactly a “jury of his peers,” but a jury of twelve regular New Yorkers picked at random — torn jeans, a Yankees hat, a whiff of no-bullshit attitude emanating from their faces, an occasional nodding off during the trial. They looked like a cross section of people you would find sitting on the subway, but in this case, they were pouring over the details of an elaborate, multibillion-dollar cryptocurrency scam.

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