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station dot com code tech news here's your daily crunch Sam bankman freed the

co-founder and former CEO of crypto exchange FTX and trading firm

Alameda Research, has been found guilty on all seven counts related to fraud and money laundering.

A release from the U.S. Attorney's Office at the Southern District of New York stated the defendant

is charged with a wide-ranging scheme to misappropriate billions of dollars of customer

funds deposited with FTX and misled investors and lenders to

FTX and to Alameda research. The DOJ's December 2022 indictment stated

Bankman-freed knowingly defrauded FTX customers by misusing their deposits to invest

in other companies and pay off lenders and expenses.

After mounds of evidence and a verdict, that statement has been deemed true by the court and jury.

The seven charges, six counts relating to fraud and one count relating to money laundering

bring a total possible sentence of 115 years in prison for the defendant.

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