Sam Bankman-Fried was not an egregious man-child
Sam Bankman-Fried, the 31-year-old founder of cryptocurrency investment firm FTX, has been convicted by a US jury on one count of securities fraud. Bankman-Fried was found guilty after a three-day trial. The prosecution alleged Bankman-Fried, who founded FTX in 2014, steered a fraudulent business to a $32 billion valuation in three years.
Silicon Valley is falling for frauds
FTX Co-founder Sam Bankman-Fried, who was arrested in August this year, had told The New York Times before his arrest that he “didn’t ever try to commit fraud on anyone”. “I didn’t ever try to enter into a criminal enterprise,” he had said. Bankman-Fried has pleaded not guilty to seven counts including securities fraud, wire fraud and conspiracy to launder money.