sam bankman-fried found guilty on all counts of fraud and conspiracy. we have bertha coombs here with the details. bertha, happy friday. >> good morning, frank. federal jury returned the verdict after 7:30 last night. four hours after they began delibe deliberations. the 31-year-old was accused of mismanaging customer funds stored at his crypto exchange ftx and charged with seven counts of wire fraud, securities fraud and money laundering which left thousands of customers practically wiped out. in a statement, defense attorney mark cohen says that quote, mr. sam bankman-fried maintains innocence and will continue to vigorously fight the charges against him. prosecutors spoke to the media following saying sam bankman-fried portrayed one of the biggest frauds in american history. >> the cryptocurrency industry might be new and players like sam bankman-fried might be new, but this kind of fraud and this corruption is as old as time and we have no patience for it. >> frank, sam bankman-fried faces up to 110 years in prison. his sentencing is scheduled for m

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sam bankman-fried - on the industry? sam bankman-fried road | on the industry? on the industry? (an bankman—fried road at the wave of crypto when times were good, in 2021 crypto was at its height so was sam bankman—fried, then his stunning fall in 2022 centred jill to the industry. we have seen investment and venture capital down, we have seen not only mr bankman—fried's own fall from grace we have seen that his customers, thousands of customers, lost billions of dollars in ftx's collapse and they remain at the heart of this case will one more question, what has happened to ftx itself? fg x is in bankruptcy proceedings within interim ceo being place, trying to recover assets to try to figure out how much can be recovered and paid back out to customers, investors, and lenders, but that is a long process and we don't know yet who will be able to see what kinds of returns or come close to being made whole. shill kinds of returns or come close to being made whole. all right, north america _ to being made whole. all right, north america business - north america busin

said sam bankman—fried said he used money stolen from ftx to prop up his lavish lifestyle. nt... prosecutor celebrated the wind outside the court, saying the core donna case is a warning to any fraudster who thinks they are untouchable.— are untouchable. sam bankman-fried - are untouchable. sam - bankman-fried perpetrated bankman—fried perpetrated wonder the biggest financial frauds in american history. a multibillion—dollar scheme designed to make him the king of crypto. is the thing, the crypto currency industry might be new, the players like sam bankman—fried might be new, but this kind of fraud, this kind of corruption, is as old as time and we have no patience for it. �* ., ~ .., for it. and north america business _ for it. and north america business correspondent l for it. and north america| business correspondent is for it. and north america i business correspondent is in new york. she has been covering the trial. over the course of four weeks, the trial. over the course of fourweeks, prosecutor the trial. over the course of four weeks, prosecutor showed the jury thro

first it was elizabeth holmes and and now it's palo alto's sam bankman-fried, once known as a cryptos. the i.t. grad convicted of stealing billions of dollars from ftx customers and investors. nbc's stephanie magallon joins us with the details. >> reporter: sam bankman-fried now faces up to 100 years in prison and many believe this is a major crackdown in the cryptocurrency world. they are calling it the biggest financial fraud in american history and at the center, 31- year-old sam bankman-fried, from palo alto now facing a lifetime in prison. >> this kind of corruption is as old as time. we have no patience for it. >> reporter: sam bankman-fried cofounded ftx, one of the largest crypto exchanges in the world and founded a hedge fund called alameda research. prosecutors say he stole billions in funds from ftx to back alameda, invest in properties and celebrity endorsements and tonight he was found guilty of seven counts of fraud and conspiracy. >> this case is a warning to every fraudster out there. >> reporter: both his parents are stanford professors. gates went up around his home

players like sam bankman—fried may be new. of corruption is as old as time. and we have no patience for it. you had there, you know, the prosecution for the presenter sam bankman—fried's case is filed, plain and simple. but his position throughout the trial was that he may have made mistakes, but that he was not guilty. in fact, his lawyer said we respect the jury's decision but we respect the jury's decision but we are very disappointed with the result. and of course sam bankman—fried throughout this has maintained his innocence. we will have to see what he does next. i5 have to see what he does next. is there any fallout from this trial and verdict on their crypto sector? i mean, this is an interesting question. you know, there was a white—collar lawyer who sort of pointed out that this could potentially have reverberations throughout the industry. that it sends a message that prosecutors, regulators may act. i mean come at the moment because, as we have said, this is a very nascent industry, there are not that many rules of

that's how a new york prosecutor described the actions of sam bankman—fried — the former cryptocurrencywho has been convicted of defrauding investors out of $8 billion. prosecutors said he had used money stolen from his cryptocurreny exchange ftx to prop up his investment alameda to fund his lavish lifestyle. late on thursday, a jury found him guilty of all seven counts of fraud and conspiracy. as the bbc�*s erin delmore explains, the collapse of ftx and the crimes of bankman fried are posing all kinds of uncomfortable questions for the crypto industry. after more than four weeks in court, thenjust 4.5 hour top deliberations, a jury convicted sam bankman—fried of fraud and conspiracy charges, likely dealing him are lifetime prison sentence. a warning was given at all would—be fraudsters that could be hurt as the particular warning for other fraudsters operating in the crypto sector. it fraudsters operating in the crypto sector. , ., fraudsters operating in the crypto sector. , . . fraudsters operating in the crypto sector. , ., ., ., sector. it is also a message, a warnin: sector. it is

sam bankman-fried found guilty. once a billionaire on "forbes" list., found guilty in the southern district of new york. his defense team will keep fighting. no word on the official appeal. the government will go into sentencing in march. kate rooney, cnbc business news, manhattan. >> for more, check out cnbc.com. >>> the market for environmental, social and c corporate governance, esg, is facing challenges with turmoil and regulatory concerns. that has led to a decline in investing. the next guest says investing in the united states has been weaponized. >> thank you for inviting me. >> you believe esg has been weaponized in the united states. do you see any change to the narrative? >> we see that change of narrative and if you look beyond the pollicization, there was a decline in esg investing in the u.s. in 2022. if you look at numbers and there are new studies from morgan stanley, the study on esg in 2023 increased to $3.1 trillion. there is a readjustment. i think what happened is a lot of the previous conversations made investors realize we have t

after the verdict was announced, the parents at the end of this proceeding, they tried to approach sam bankman-friedrom the back but they couldn't get to him. there is a barricade that kind of separates the courthouse between the gallery and where the lawyers are. sam was immediately escorted out by u.s. marshals and on his way out, he took a brief glance back at his parents and there was a slight nod and acknowledgment at his parents and then he was gone. ed: incredible reporting on the events that took place in that new york courtroom on thursday evening. later in the show, we will get more reaction from the crypto industry for what this symbolizes more broadly than the events of thursday. the other top story we have to get back to is apple's earnings. i am delighted to say judy is with us in san francisco. we kind of got what we thought was coming with the fourth straight quarter of overall sales decline but you dig down byproduct and number and it's much more complicated. we start with china, what was your take away there? >> i listened to most of the comments from tim cook and i understand the

what does the verdict mean for sam bankman—fried now? we verdict mean for sam bankman-fried now?now? we will find out exactly what his _ bankman-fried now? we will find out exactly what his sentences . out exactly what his sentences on march 28, that's the date the judge sent to the sentencing hearing, but he faces decades in prison and potentially a life sentence. as been found guilty on all seven charges and together they cover 110 years in prison. even if thejudge sentences 110 years in prison. even if the judge sentences below the maximum which we expect him to do it will still amount to a life sentence. he do it will still amount to a life sentence.— do it will still amount to a life sentence. . ~ ., life sentence. he talked about the crypto _ life sentence. he talked about the crypto currency _ life sentence. he talked about the crypto currency industry i the crypto currency industry and the message the prosecutors have for the industry. what impact do you think his downfall has had on the industry?— downfall has had on the indust ? ., ., ., industry? he rode the wave of c

a spokesperson for sam bankman-fried did not respond to a request for comment. we can speak to zeke, an investigative reporter at bloomberg. it's so good to see you. thank you for joining us. you have been covering the trial and this story, so were you surprised by the verdict? >> no. the fraud has been clear for quite some time. basically, as soon as ftx failed, it was clear the money was gone and the most likely scenario was he stole it. i flew down to the bahamas, and got there just before he was arrested, and we spent a day going over his excuses about how this was not his fault. even then, it did not seem credible. now we have heard his top three lieutenants, who all pleaded guilty, they all said we committed fraud. and we are really sorry. we did it with that guy over there. >> that is an interesting part about the case, he has been vocal, speaking to the media. his lawyers say they will fight the decision. from your conversations with him, how is he taking the verdict? >> sam always had a crazy attitude towards risk. if you told him that we are going to f

who also was sam bankman-fried's ex-girlfriend as well.on to his close peers and parties who helped build the business, all basically ratting him out to make the prosecution actually work. let's take a 60,000 foot view. you have spoken to the u.k. fca chief. talk to us about regulators in the u.s. and elsewhere, how they are taking this. you mentioned they are viewing it as a positive. where does it go from here? annabelle: certainly a positive from people in the industry. definitely i think for regulators it is a reminder to them and also sort of validation of those that have chosen to put rules in place. of course as we know each regulator has a different approach to this. the u.s. sec has been reluctant to engage with the sector. places in the u.k., mainland europe as well, have been more proactive and that includes the financial conduct of authorities. i spoke to that u.k. body ceo -- he told me about the implications. >> as long as people are meeting our standards, we support innovation. also looking more broadly at additional assets

sam bankman—fried was a towering figure in crypto.de entrepreneur who promised customers worldwide that his ftx crypto exchange was the safe and easy way to get into cryptocurrencies. his businesses brought him great wealth. at one point he was worth $26 billion and propelled him into an a—list social network of celebrities, some of whom he paid to endorse. with ftc�*s, have everything i need to buy, sell and trade crypto safely. my goal has been to find ways to have positive impact on the world. my goal has been to find ways to have positive impact on the world. he charmed washington politicians by calling for greater regulation in the crypto industry and made donations to their campaigns. he also adopted the mantle of a responsible leader in an industry rife with misconduct. but it turns out the fortune, the business, the image were built on a lie. the great success story was, in fact, a great fraud. bankman—fried now faces decades in prison. during four weeks of testimony, prosecutors told jurors that the 31 —year—old bankman—fried

she said sam bankman-fried's in good faith defense doesn't work. still took it in the first place. the other thing, he admitted knowing there was a problem in september, yet he continued to lie to the public for the next two months. proud still fraud even if only for two months. she ended with he thought he was smarter than you, he could fool the public. that, you know better, you, the jury, though better. so right now, liz, they've gone into that room. the foreman is likely getting a straw poll of where everyone stands, how close they are, how far apart. we are going to find out in 17 minute, at 4 p.m. we're going to reconvene, and hear, okay, do they need to order dinner. and that could give us an indication, welsh, maybe they are, you know, close, we're going to have a verdict or, you know, maybe they're going to order dinner and that means this is just actually, we're too far apart and is we're going to move for monday. doesn't make sense to stay until 8 p.m., so we will bring you that news. liz: the closing arguments finished yesterday, and th

charles, tonight, sam bankman-fried who, in the business world and beyond, one year ago was on top ofokay. i'm gonna get into the same bankman-fried case later but. i want to draw a parallel. tonight he was found guilty on all counts. he could face 100 years in prison. and the way the government made that have been, they got his four top lieutenants to turn on him, cooperate with the government and hand over a whole lot of documents. do you think donald trump's lawyers are looking at what happened to sam bankman-fried to night, and could that be the last week? mark, sidney paul -- i mean the list goes on. >> i'll do you one better. i think not only are those connections applicable. but there's also the broader theme of what it is to play by differences of rules depending on where you fall on the socioeconomic scale. and what the verdict today tells us is that juries are not falling for, juries are not okay with people saying well there's a different set of rules if you are rich and famous and well off and wealthy versus -- >> not to bring your receipts. >> that's right, so when you're

sam bankman—fried's thanjust personal.ector worldwide. erin del mar, bbc news, new york. the tech billionaire, elon musk, has said artificial intelligence will one day take away the need to work, and the biggest challenges in the future will be how to find meaning in life. at a public event with britain's prime minister might turn against us. our political editor chris mason reports on the ai summit at bletchley park. the world of artificial intelligence... i'm standing in front of a picture of parliament, a real picture of parliament. but here is the twist. if we zoom out, this technology, ai, has the capacity — of its own accord — to fill in the blanks. now, i can tell you, that is not what parliament actually looks like, but it is believable. and we can also choose what to add, so how about we spruce up this place? well, we could add a flower bed, for instance. and the possibilities are endless. this is just a very small example of the power of this technology, being discussed a few stops away from here, in buckinghamsh

sam bankman—fried was a towering figure in crypto.de entrepreneur who promised that his ftx crypto exchange was the safe and easy way to get into crypto currencies. his businesses brought him great wealth. at one point he was worth $26 billion, and propelled him into an a—list social network of celebrities, some of whom he paid to endorse ftx.- celebrities, some of whom he paid to endorse ftx. with ftx i have everything _ paid to endorse ftx. with ftx i have everything i _ paid to endorse ftx. with ftx i have everything i need - paid to endorse ftx. with ftx i have everything i need to - paid to endorse ftx. with ftx i have everything i need to buy, | have everything i need to buy, sell and trade crypto safely. my sell and trade crypto safely. my goal has been to find a way of having — my goal has been to find a way of having a positive impact on the world _ of having a positive impact on the world. he of having a positive impact on the world-— the world. he charmed politicians _ the world. he charmed politicians by _ the world. he ch

the verdict coming almost exactly a year after sam bankman-fried's crypto company filed for bankruptcyhe was convicted across the board on seven counts of fraud and conspiracy on lenders, investors, and customers. it was an emotional scene inside that courtroom last night. bankman-fried's father burying his head in his hands. the defendant, bank bankman-fried, staring straight ahead. the jury came back with a lightning fast decision. they broke for dinner at 6:00 p.m. the verdict came in around 7:45, so about four hours all in. in a news conference, damian williams, the u.s. attorney for the southern district, delivering brief remarks. here's what he said. >> the cryptocurrency industry might be new. the players like sam bankman-fried might be new. this kind of fraud, this kind of corruption is as old as time. and we have no patience for it. >> attorney general merrick garland also weighing in, saying "sam bankman-fried thought he was above the law. today's verdict proves he was wrong. this case should send a clear message to anyone who tries to hide their crimes behind a shiny new int

palo alto native sam bankman-fried found guilty on all charges of fraud.ears in prison. >>> also, the feds stepping in to help san francisco fight open-air drug markets. >> the tenderloin has become ground zero for drug tourism. that is unacceptable. >> what they're promising to do

caroline ellison or sam bankman-fried?and have all those moments of amnesia really hurt him. no one was surprised about the verdict. whether it was crypto or cashless, the jury sent a strong message last night. liz: people waiting to get their money back. a lot of lives put on hold, they saw their money go up in smoke. people shouldn't beat up on crypto. we saw bernie madoff, hard cash invested in stocks, was all frittered away or completely used for his own purposes. the question, what are the odds that he will face more than 100 years in prison? joining me, former sec attorney howard fisher. speed of the trial, speed of the verdict, you did not expect an answer last night, what does the judge look at here? >> both sides make strong arguments, the defense will say the sentence should be served concurrently and the prosecutors say they should be consecutive and a lot depends what the 3 sentencings look like. but frankly, given the speed the jury came back with a verdict it is pretty clear that the evidence was overwhelming

sam bankman-fried guilty on all charges. october jobs report. the markets on wait-and-see mode after a powerful rally on thursday. we get those numbers in just a half an hour from now. >>> and transportation secretary pete buttigieg joining us on set to talk infrastructure from tunnels and roads to the nation's ports, air travel, evs, and so much more. the final hour of "squawk box" begins right now. >>> good morning, and welcome back to "squawk box" here on cnbc. live from the nasdaq market site in times square, i'm joe kernen with becky quick and andrew ross sorkin. 8:30 is the october jobs report. ahead of that report, the futures are basically flat after a big up day yesterday. we move fast in this news business. we were on sbf watch. >> down at the court this morning i think. >> right. we'll talk more about that. but we are thinking about 8:30. here's the treasury yield. the 10-year made a fairly big move yesterday. it's only basis points because we're still pretty low, but to go from 5.00, 4.64 in a couple days, in lar

the jury returning that verdict in sam bankman-fried's case.ong series of dramas that we've been watching when it comes to this particular case. waiting former details when it comes to sentencing. of course, the correlation between lack -- as to what some of these ftx links tokens have been doing has really been quite stark. annbelle: we've seen bitcoin acting as a safe haven even with the collapse of ftx. we have the market opens here. japan, we had ample news out after hours this morning. first quarter numbers really disappointing. you can see the slide there and after hours. apple already facing a slowdown in china. we are hearing perhaps there is some currency costs or the slide in the local currency could be factoring into that. warning that the holiday quarter revenue will be about the same as last year's. signaling that investors won't really see that growth rebound that they were banking on. apple down in after-hours trade. still moving higher at the outset, up 1%. we had quite a strong day on wall street even though we are seeing u.s.

the players like sam bankman-fried might be new.and corruption is as old as time. we have no patience for it. jon: that was u.s. attorney damien williams after sam bankman-fried was convicted of a massive fraud which led to the collapse of ftx. some observers see the conviction as setting the stage for a more regulated future as digital assets are more widely adopted. crypto exchange executive bobby zagotta joins us with his reaction. the jury did not take long on this one. does that surprise you? bobby: it doesn't, although i must confess i felt a sense of relief when i heard the verdict. it seemed quite obvious to me what the situation was. it seems like the prosecutors did an excellent job. you always worry just a little bit when you have someone who has proven their ability to deceive so many people and influence of any people that they will somehow find a way out. i was relieved that did not happen. matt: do you think the average man or woman on the street conflates the fraud committed here by sam bankman-fried with the crypto

reporter lauren martinez walks you through the cryptocurrency kingdom that all came crashing down. >> sam bankman freed showed no emotion as he stood facing a jury that found him guilty on all seven charges. his parents from the bay area were in the new york city courtroom in tears. bankman freed is convicted of stealing $10 million from customers. >> it became such a tangled web. you know, when you're talking about that much money. >> founder of silicon legal strategy andre tarkanian says the most fascinate thing angle to this case is how fast investors gave to ftx. there's this tremendous fear of missing out, of losing an opportunity to invest in the next hot company. >> and that fear is really strong in a space like crypto was. you know, a few years ago. and that leads to a lot of pressure. pressure to move fast. close. fast. >> bankman freed, otherwise known as sbf, grew up around the stanford campus, which provided an impressive background. >> i think on campus there's sort of a feeling that people want to move past this to stop having to deal with it, which is certainly understandable. same

that really may not have even saved sam bankman-fried here.he reporter was saying all of his pre-trial statements, all of the views, all of the allegations that he made pre-trial have been thrown back in his face and had no good answers for those. so that really led him into a dangerous place for defendants on the stand. so certainly looking very bleak for him. i don't know that this is going to go well. in terms of the conviction, he may, on some of the charges have better luck than others because the prosecution does have to prove all of those specific instances and the intent that goes along with it. but it is looking very bleak for sam bankman-fried at this point. >> bret: i want to turn to the trump trial in new york that's ongoing, the civil fraud trial. "the washington post" puts it this way. transformed trump family will take center stage in new york courtroom. latest financial disclosure says the new york real estate holdings, trump power and park worst 2,387,000,000 generating income 59 million. overall trump's wealth relies less on

reporter lauren martinez walks you through the cryptocurrency kingdom that all came crashing down. >> sam bankmaned showed no emotion as he stood facing a jury that found him guilty on all seven charges. his parents from the bay area were in the new york city courtroom in tears. bankman freed is convicted of stealing $10 million from customers. >> it became such a tangled web. you know, when you're talking about that much money. >> founder of silicon legal strategy andre tarkanian says the most fascinate thing angle to this case is how fast investors gave to ftx. there's this tremendous fear of missing out, of losing an opportunity to invest in the next hot company. >> and that fear is really strong in a space like crypto was. you know, a few years ago. and that leads to a lot of pressure. pressure to move fast. close. fast. >> bankman freed, otherwise known as sbf, grew up around the stanford campus, which provided an impressive background. >> i think on campus there's sort of a feeling that people want to move past this to stop having to deal with it, which is certainly understandable. same bit

verdict reached in the trial of crypto fraudster sam bankman-fried. those results in moments.pstation saves us so much time it makes it really easy and seamless pick an order print everything you need slap the label on ito the box and it's ready to go our cost for shipping, were cut in half just like that go to shipstation/tv and get 2 months free >> laura: the jury reached a verdict inve the trial of sam bankman-fried. joining me is fox business correspondents kelly o'grady. >> we are getting work that sam bankman-fried has been found guilty o f the charges. we cannot confirm how many charges he was found guilty of. there werein seven counts, wire fraud, conspiracy to commit wire fraud and money laundering. t he is facing up to 110 years in prison. jury t began deliberately rough 3:15 today. do the math.he they reached a verdict within fo four hours, that is never a good sign for the defendant. even in the bernie madoff file, took days. what happens from here? we? are expecting for the defendant to appeal. there is a march trial where he faces more counts and decades ik priso

sam bankman-fried, just the opposite. remember, after the charges were initially announced, he went on television, and he talked against his legal counsel. he went on the web. he still tweeted. it was really, really a bad idea. he clearly wasn't listening to his lawyers, and when literally all of the executives in a company turn against you, and cut deals, admitting what we did was illegal and we'll take lesser sentences to testify against the big guy, it was something that just avalanched against him, and i should say the jury came back in the elizabeth holmes case in eight days. they came back today in about four hours against sam bankman-fried. >> this was all really fascinating here, scott. what does this do to crypto curtain sepulveda? currecy? >> bitcoin has held up throughout this whole thing, but what it said was there's cryptocurrency that you can -- and i hate to use the word trust, but that you can sort of bank on, a la bitcoin, and then there's everything else, and a lot of that is what sbf and his company, ft

i““i2 crypto industry would love to paint sam bankman—fried is about apple and to say he was an unusual founder of another company called celsius network, which peaked at $20 billion. if we about sam bankman—fried, will be talking about muszynski. it is just fraud after fraud after fraud. —— mashinsky. the community would like to move on and get things going again, but i think the public will be a little bit more is sceptical next time there is a picture on a new coin. ~ ., , coin. zeke, where does the c to coin. zeke, where does the crypto industry _ coin. zeke, where does the crypto industry go - coin. zeke, where does the crypto industry go now? . coin. zeke, where does the crypto industry go now? a. coin. zeke, where does the - crypto industry go now? a bunch of coins have _ crypto industry go now? a bunch of coins have been _ crypto industry go now? a bunch of coins have been going - crypto industry go now? a bunch of coins have been going up - of coins have been going up lately. bitcoin had been as high as $69,000 a coin. it is going for a $36,000 now. the industry is hopeful this

that's the verdict against disgraced crypto founder sam bankman-fried, convicted of stealing billions from clients. he's proclaiming his innocence and vowing to fight. >>> comforter in chief. president biden and the first lady head to lewiston, maine, today to pay their respects to a city still grappling with the murders of 18 innocent lives. >>> good morning, and good to be with you. i'm anne-marie green. the israeli army is launching heavy attacks from land, sea, and air. israeli troops have encircled gaza city in heavy fighting, and prime minister benjamin netanyahu said, quote, we are the height of the battle. 23 have been killed since the start of the operation. hamas puts the palestinian death toll above 9,000, more than a third of them children. secretary of state antony blinken landed in israel a short time ago where he's expected to urge leaders for a pause in the fighting. cbs' ian lee joining us from tel aviv. good morning. >> reporter: good morning. this will be a delicate, diplomatic dance for the secretary of state. on one hand he wants to show u.s. support for israel, b

>>> guilty on all counts ftx founder sam bankman-fried gets his verdict from a federal court. we look back at the rise and fall of the one-time crypto king >>> a massive explosion in new york nearly leveling an entire building 15 people injured, including several children what we know this morning about the cause behind this fiery blast. >>> a days-long rescue attempt is still under way this morning at a collapsed mine in kentucky. first responders kicking off a new phase of the operation to save a trapped worker's life >>> to tip or not to tip a debate that's all over the delivery app doordash says your decision could impact your delivery time. hear from workers and the users fronting the bill. >>> more than 50 years since the original boy band broke up, the beatles are back with a brand-new single with a little help from a.i. it's friday, november 3rd. "early today" starts right now of. >>> good morning i'm jessica layton >> i'm phillip mena. it took just hours for a new york jury to find disgraced crypto king sam bankman-fried guilty the man who perpetrated one of the bigge

sam bankman—fried was a towering figure in crypto.y way to get into cryptocurrencies. his businesses brought him great wealth — at one point he was worth $26 billion — and propelled him into an a—list social network of celebrities, some of whom he paid to endorse ftx. with ftx i have everything i need to buy, sell and trade crypto safely. my goal has been to find ways to have positive impact on the world. he charmed washington politicians by calling for greater regulation in the crypto industry and made donations to their campaigns. but it turns out the fortune, the business, the image were built on a lie. the great success story was, in fact, a great fraud. bankman—fried now faces decades in prison. during four weeks of testimony, prosecutors told jurors that the 31—year—old bankman—fried's apparent success belied a pyramid of deceit. they said he used stolen money to prop up the investment fund he founded, and to purchase real estate, and to fund his lavish lifestyle. three of bankman—fried's close friends and business partners, inc

what sealed sam bankman-fried's fate, do you think?ow, it is extraordinary, ana, that it was really -- it was a year ago yesterday that the first report came out that suggested that alameda research and ftx, the two entities controlled by sam bankman-fried have this unusually close relationship and one that in the end jurors decided was, you know, accounted for these seven accounts of wire fraud, securities fraud, money laundering, and that's why this guy is facing the potential of more than a century in jail. you know, the defense over and over again just tried to cast it all as, you know, a case of just mistaken accounting, and by the prosecution's estimation, sam bankman-fried said the words i do not recall about 140 times, just sort of trying to shrug his shoulders and say i don't know quite what happened here, but it was just an honest mistake. the prosecution may have convinced the jury here this was a case of someone truly swindling people out of their money to the tune of billions of dollars. that's why this man, right, 29 year

history. >> the crypto industry might be new, the players like sam bankman-fried might be new, but this kind of fraud, this kind of corruption is as old as time. >> reporter: the collapse of ftx and the downfall of bankman-fried now putting efforts on congress to regulate. >> congress can't even agree what crypto currency is let alone how to regulate it. >> reporter: in the weeks after ftx's bankruptcy customers rush today withdraw their money. the company didn't have it and soon there was a run on the bank. he lost more than $200,000 worth of investments. >> i feel like it's vindication of a lot of people and myself went through. it wasn't something that we did. this was something that happened to us. >> kate, as you reported, the defense team is likely to appeal in this case. in the meantime he has more legal troubles. >> that's right, lester. so sentencing for this case is expected in march, but first bankman-fried is scheduled to stand trial over another indictment this one about campaign finance violations. he has pleaded not guilty in that case. >> all right, kate rooney, thank yo

>> maria, sam bankman-fried wrapped testimony yesterday more cracks develop in his story today we'vetic day set for closing arguments, we bring a the latest after the break. . goli, taste your goals. maria: welcome back. sam bankman-fried fraud trial modifying to closing arguments fox business kelly o'grady live from courthouse kelly. maria this is the final time that both sides get to make arguments sam bankman-fried is off the stand, now set for a very dramatic day of closing arguments, it is going to rest in the hands of jurors, yesterday final day of testimony where more cracks unable or unwilling to answer key questions, prosecutors moved beyond schedule to focus on inax at home government, on two things, at alameda research, first claims despite think a ceo he was unaware alameda employees using fu. tx customer funds second he did nothing when discovering 8-billion-dollar shortfall when presented by prosecutors he said wanted to fix problem rather than gn blame counteracts november 7 piece customer seats were fine about decision with ftx, he couldn't recall specification finall

history. >> the cryptocurrency industry might be new, the players like sam bankman-fried might be newbut this kind of fraud, this kind of corruption, is as old as time. >> reporter: the collapse of ftx and the downfall of bankman-fried now putting renewed focus on congress' efforts to regulate the crypto secretarier. >> they've been unable to do it and part of the reason for that is because congress can't even agree on what cryptocurrency is let ahead regulate it. >> reporter: customers rushed to withdraw their money, the company didn't have it and soon there was what amounted to a run on the bank. jakethacker says he lost more than $200,000 worth of investments. >> i feel like it is vindication of a lot of what people and myself went through. this wasn't something that we did, this was something that happened to us. >> and our thanks to kate rooney for that report. >>> still to come, hollywood studios give what they call their final offer to striking actors. what we know about the possibility of a deal right after this. so congested! you need sinex saline from vicks. just sinex, brea

nothing like sam bankman-fried who soleimani from investors. rk city jury found the crypto kid guilty on all seven counts. bankman-fried looking up to 110 years in prison and sentenced in march. joining us now, other brand-new book called the wolf investing, welcome to one nation, appreciate you being here. your thoughts about sam bankman-fried the jail time he's looking at. you did 22 months, how is his life going to change? >> no one knows but the judge, i would guess 20 -- 30 years and take a wild stab about but his life is about to become -- you can't go to minimum-security, a medium or even high so is not going to have fun and he's into the internet, the internet to feel like he's vital so he will be in for a world of pain. >> you initially said it's a scam and bitcoin, where do you stand now? you think what the business is it down for the count? you think it's taking a pause? >> i think bitcoin is solid long-term. speculative but still solid proven to be resilient and a lot of big players are buying it, legitimate institutions are buying i

you saw two sam bankman-fried on the stand.s happy to answer questioning from the defense and one who couldn't remember anything. an mit grad that couldn't provide answers to simple questions. so many legal experts that i talk to in these types of cases say it comes down to credibility. he had three witnesses, his inner circle, testifying against him. so the question for the jury became, who do you believe? sam bankman-fried or these three people who have plead guilty to fraud. i will close by saying this. this is the one year anniversary of when everything started. so november 2nd of last year was when an article came out that started rumblings of was there something sinister going on at ftx? a few days later they had filed for bankruptcy. one year later sam bankman-fried heard a verdict of guilty on that same day. back to you. >> you know, kelly, you talked about the impact that these charges will have on his life. talk to us about the impact sam bankman-fried had on the 2020 election. >> reporter: the point you bring up, rac

the disgraced cryptocurrency mogul sam bankman—fried, who once ran a major cryptocurrency exchange, ftxen found guilty of fraud and money—laundering. prosecutors said mr bankman—fried had used money stolen from ftx to prop up his investment fund and fund his lavish lifestyle. our north america business correspondent erin delmore reports from new york. he was a towering figure in crypto, a self—made entrepreneur who promised customers that his crypto exchange ftx was an safe and easy way into crypto currency. he exchange ftx was an safe and easy way into crypto currency.— way into crypto currency. he was ro elled way into crypto currency. he was propelled into — way into crypto currency. he was propelled into an _ way into crypto currency. he was propelled into an a-list - way into crypto currency. he was propelled into an a-list social. propelled into an a—list social network of celebrities. imilli propelled into an a-list social network of celebrities. with ftx i have everything _ network of celebrities. with ftx i have everything i _ network of celebrities. with ftx i have everything

sam bankman—fried was a towering figure in crypto. a self—made entrepreneur who promised customers

how bankman-fried stole billions in customer funds from ftx to make up for bad bets at alameda, buy luxury real estate, and secure celebrity endorsements >> what's up, guys i'm here with my boy samm ftx >> reporter: bankman-fried was a respected name among power brokers in washington >> my goal has been to find ways to have positive impact on the world. >> reporter: lawmakers looked to bankman-fried for advice on how to regulate the wild west of crypto. then, it all came crashing down. a leaked financial document showing the close ties of his two crypto companies, and a major competitor sounding the alarm, spooked investors, sparking a run on the bank $8 billion of ft customer money had vanished the company declared bankruptcy, then came the criminal charges, and today's verdict. sam bankman-fried's lawyer says his client maintains his innocence and will continue to fight the charges against him. lester >>> in 60 seconds, the israel-hamas war causing tension at colleges throughout the country. cornell cancels classes, as confrontations break out at another major university can schools bring calm to their campuses? next next. ♪i've got home internet from t-mobile.♪ ♪it only costs

we look at the latest on the trial of the sam bankman-fried. living -- jurors are beginning deliberation today. we will talk to kristin smith about the overall impact. ed: paypal is a mover to the upside. this is the first earnings alex is overseeing as a ceo. announcing a new cfo, jim and miller, who joins them. they also received a subpoena relating to their work related to stablecoin and they say they are compliant with the sec. shares are up almost 5%. this is "bloomberg technology." ♪ ed: with the ftx trial wrapped up, jurors are beginning deliberation on sam bankman-fried's fate today. what does it mean to the crypto industry and sam bankman-fried? let's bring in kristin smith, ceo of the lock chain association. the jury is deliberating, the closing argument from sentiment freed's attorney -- sam bankman-fried's attorney is that he has been painted as a villain. there were six committees were he was given a choice, tell the truth or double down. the prosecution says he doubled down. what do you make of that? kristin: the evidence is compe

sam bankman-fried faced seven counts of fraud and conspiracy. the sentencing date is set for march, so at that point, we will know how much time he will spend behind bars. for the most serious of the charges against him, it could be a time of as much as 20 years in prison. the verdict today, we understand it is getting a bit of color. sam bankman-fried apparently stood in front of the jury, hands in front of his body, and looking at him, they gave him the guilty verdict. his parents were in the courtroom, and sam bankman-fried was let out of the courtroom a few minutes after that was issued. haslinda: cryptocurrencies trading lower today, not surprisingly. what has been the reaction from the industry players? annabelle: there is a small move lower that we are seeing for various crypto tokens, including bitcoin. you have to look at the context is bitcoin has been on a huge rally over the past couple of months. really, that anticipation building around the spot. but the reaction from the industry that we are hearing so is that people are welcoming

sam bankman freepped facing up to 110 years in jail, my takeaway on why we need to hold off on the pity party and end the abuse of wall street and silicon valley once and for all. all that and so much more on "making money." ♪ ♪ charles: all right, so it's it's pretty clear now, right or ors that the market had been sort of sniffing out this morning's job report. it kind of explains this monster 4-day rally coming into today. it also explains why stocks are higher. but more than anything else, there's been a collective sigh of relief, at least right now. listen, i mow the strong labor market and the strong consumer, if it won't go away easily, shifting economic tides here's one thing to remember: they start happening slowly, then they happen very fast. this report, for me, was a disaster because of the uaw strike. think about this, only 99,000 private sector jobs. household survey, by the way, saw a loss of 348,000 jobs. 20 the 1,000 people left the labor force, and an additional 218,000 working part time for -- 101,000 revisions. fewer jobs in the last two months. now, data coupled wit

these were the people who knew sam bankman-fried.n some of our reporting after this whole thing happened, and it unraveled, there were only a handful of people that would have known. he kept an insular inner circle. there weren't low level employees that would have known about these issues. it was up to a handful of executives. >> what about all the customers that lost money, are they getting it back this is. >> they actually might. the bankruptcy case is playing out in delaware. they have recovered about $7 billion of customer money out of eight or ten. there's a chance they maybe would be made 90% whole. there's a chance they will get that back and the venture portfolio -- ftx ventures was in anthropic which has done incredibly well in the meantime. they might make it back. >> definitely exonerating some restructuring team's comments what they saw when the books were first opened. kate, thank you. >>> let's get a news update with leslie picker. >> carl, the u.n. estimates gaza and the west bank need more than $1 billion in aid thro

the lawyers for sam bankman-fried say he will appeal. wants to take on this keend of scam in the future, they have plenty of handcuffs. >> interesting that the money made from anthropic could help refund all the people who lost money. >> that's absolutely right. sam bankman-fried was one of the early betters in this stuff, when people were worried that foundational research would collapse, it could be that ai is what rescues some of the people owed money. >>> coming up next, we are live in lewiston, maine, where president biden is meeting with first responders who are on the front lines of the state's deadliest mass shooting. medicare and medicaid, i have some really encouraging news that you'll definitely want to hear. depending on the plans available in your area, you may be eligible to get extra benefits with a humana medicare advantage dual-eligible special needs plan. all of these plans include a healthy options allowance, a monthly allowance to help pay for eligible groceries, utilities, rent, and over-the-counter items. the health