SBF found guilty of seven charges, sentenced to three months in prison; SBF: Respects the jury's decision, I am innocent
The 12-member jury unanimously agreed on the seven charges against SBF. The tentative sentencing date is set for March 28, 2024, with a total of 115 years of imprisonment for the seven charges. However, legal experts previously believed that SBF might only face 10 to 20 years in prison.
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SBF Found Guilty on All 7 Counts, Sentencing Set for Three Months
According to a report by CoinDesk, the jury in the SBF case began deliberating at around 3 a.m. Taiwan time on November 3, and delivered the verdict around 7:40 a.m.
During the reading of the verdict, the judge instructed SBF to look at the jury box, while the jurors were asked to look at the court clerk and judge.
The jury unanimously voted guilty on all seven counts.
U.S. Attorney Damian Williams stated outside the court:
SBF committed one of the largest financial frauds in U.S. history, such fraud and corruption have persisted for too long, and we have no patience for it.
According to the U.S. Department of Justice document, the seven counts are:
- Conspiracy to commit wire fraud against users
- Wire fraud against users
- Conspiracy to commit wire fraud against lenders
- Wire fraud against lenders
- Conspiracy to commit commodity fraud
- Conspiracy to commit securities fraud
- Conspiracy to commit money laundering
SBF Faces a Total of 115 Years for the 7 Counts
The sentencing is currently scheduled for March 28, 2024, with SBF facing a total of 115 years for the 7 counts, although CoinDesk cited several legal experts suggesting that SBF may only serve 10 to 20 years.
They believe that the execution of multiple penalties is more likely to be concurrent rather than consecutive, meaning the execution times of different penalties will overlap, rather than waiting for one penalty to be completed before moving on to the next.
Following the jury's decision, presiding Judge Lewis Kaplan has broad discretion in making the final judgment.
SBF's Parents in Disarray
When the guilty verdict was announced, SBF's father Joseph Bankman buried his face in his legs.
SBF's mother Barbara Fried remained motionless, with a straight back, expressionless, staring ahead with a gloomy expression.
SBF: Respects Jury's Decision, Maintains Innocence
In a statement, SBF's defense attorney Mark Cohen stated that SBF respects the jury's decision but still maintains his innocence and will continue to fight against the charges.