By Ebere Godson
The founder of the crypto network and payment system FTX has been found guilty on all charges by an American court.
Last year, Sam Friedman Baker was arrested and extradited from the Bahamas by US authorities after defrauding investors.
Once considered the new face of crypto, Sam Friedman Baker faces up to 115 years in jail as he awaits his sentencing in March next year.
Sam Friedman Baker’s charges included: wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy, and money laundering.
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A jury from the Southern district court in New York found him guilty on all charges with American attorney general Merrick Garland saying “Bankman-Fried thought that he was above the law. Today’s verdict proves he was wrong”.
Sam Friedman Baker led the FTX company since its creation as Co-CEO till its liquidation after using customer funds to funnel money to its sister company Alameda, his former lover and partner Caroline Ellison took a plea deal and testified against him stating “All his appearance was fake, it was designed to present him in a particular way”.
Sam Friedman Baker who lived in a luxury apartment complex worth 40 million dollars crafted an image of an altruist, who wants to help the world by “earning to give” a term used by the Effective Altruism movement, which sees people living in the global north earning to donate to charities operating in the global south – a philosophy that Sam Friedman Baker adopted.
Also testifying against him was the co-founder of FTX and long-time friend Gary Wang who turned state witness against him. It took the jury 4 and a half hours of deliberation to convict Sam Friedman Baker on all charges.