Crypto King Sam Bankman-Fried facing 110 years jail term for financial fraud
SAM Bankman-Fried — once dubbed the Crypto King — has been found guilty of one of the biggest financial frauds in history.
He could now face a maximum sentence of 110 years in prison in a dramatic downfall.
Bankman-Fried, 31, founded FTX, which grew to become the world’s second-largest digital coin exchange.
It was promoted by celebrities including supermodel Gisele, her ex-husband Tom Brady and tennis star Naomi Osaka.
But the £26billion company imploded last November and was accused of swindling more than a million customers out of £8billion.
A jury in New York has now found him guilty of lying to investors, lenders and of seven counts of fraud and money-laundering.
His sentencing will start in March.
The case has damaged the reputation of digital currency and led to calls for greater regulation.
The UK intends to bring in new crypto rules next year aimed at protecting customer cash and minimising financial risk.
Split Currys
CURRYS has sold its Greek and Cypriot business for £175million.
Kotsovolos contributed just 7 per cent to the electrical group’s revenues but sold for a third of Currys’ overall value.
Shares rose by over 5 per cent as Currys said the money will be used to repay debt and reduce its pension deficit.
Padding Tons
SALES of insulation products are up at DIY firm Wickes as Brits look to cut their heating bills.
Total sales rose 0.4 per cent over the past three months — even though sales of DIY products fell.
Despite concerns about weak consumer demand, Wickes said it was still planning to open more shops.