Sam Bankman-Fried is found guilty of seven counts of fraud and conspiracy

Sam Bankman-Fried, the muddled mogul who founded the cryptocurrency exchange FTX, was convicted Thursday of seven counts of fraud and conspiracy after a month-long trial that exposed rampant hubris and risk-taking in the crypto industry.

Mr. Bankman-Fried became a symbol of crypto’s excesses last year when FTX collapsed and he was accused of stealing as much as $10 billion from clients to fund political contributions, venture capital investments and other extravagant expenses. A jury of nine women and three men took more than four hours to reach a verdict on Thursday, convicting Mr Bankman-Fried of bank fraud and conspiracy.

Together, the counts carry a maximum sentence of 110 years. Mr Bankman-Fried, 31, is expected to appeal. He will be sentenced on March 28.

The verdict capped one of the fastest and most spectacular falls from grace in modern corporate history. Just a year ago, Mr. Bankman-Fried was worth more than $20 billion and was hailed as a rare good guy in the freewheeling crypto industry, with his face plastered on billboards and magazine covers. FTX, which was valued at $32 billion at its peak, was one of the largest marketplaces in the world where people could buy and sell digital coins like Bitcoin and Ether.

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