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What investors should learn from the crypto fraud case
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Sam Bankman-Fried’s fate looks sealed, with lengthy jail time likely to be ordered, but this will not be the last crypto fraud, says the author.
PHOTO: NYTIMES
Lionel Laurent
Justice has been served – and swiftly. A jury found fallen crypto mogul Sam Bankman-Fried guilty of seven counts of fraud and conspiracy after just five hours of deliberation, markedly less time than it took for jurors to puzzle over Elizabeth Holmes’ Theranos scandal or Raj Rajaratnam’s insider trading at hedge fund Galleon.
And while this is certainly crypto’s biggest case of fraud, it undoubtedly won’t be the last.
