The prosecution produced proof that, in the early days of the exchange, when regular banks refused to allow it to create an account, FTX customers sent deposits to Bankman-Fried's cryptocurrency trading company, Alameda Research.
It was further established that Bankman-Fried spent the money to pay back Alameda lenders, purchase real estate, make investments, and make political contributions, rather than protecting those monies, as he had publicly promised to do on several occasions,
The maximum sentence for five of the crimes Bankman-Fried was found guilty of is twenty years in jail; the maximum sentence for the other two counts is five years.
That means a maximum sentence of 110 years might be imposed. Bankman-Fried is anticipated to serve a lengthy sentence if the judge does decide to do so.
