Sam Bankman-Fried faces decades in prison following swift conviction in FTX fraud trial

Sam Bankman-Fried faced the prospect of decades in prison Friday after a jury required less than five hours to convict the disgraced crypto billionaire on all counts linked to the collapse of the FTX trading platform and the theft of $10 billion from its customers and investors.

Damian William, lead attorney for the Southern District of New York, said Bankman-Fried""perpetrated one of the biggest financial frauds in American history," describing it as a"multibillion dollar scheme designed to make him the King of Crypto." Judge Lewis Kaplan will sentence Bankman-Fried on March 28, with the maximum penalties on all counts indicating he could spend as much as 115 years in federal prison, although the ultimate total is likely to be far less.

Bankman-Fried also faces the prospect of a second trial, related to his alleged violation of campaign finance laws, early next year while the now-bankrupt FTX issuing his parents for the recovery of"millions" in fraudulently transferred funds.

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