Former FTX CEO Sam Bankman-Fried found guilty on all charges

The Street

TheStreet’s J.D. Durkin brings you the biggest news of the day, including the ongoing earnings parade and the final verdict in Sam Bankman-Fried’s criminal trial.

Transcript

00:00 I'm JD Durkin reporting from the New York Stock Exchange and here is a look at what

00:03 we are watching on the street today.

00:05 Wall Street is digesting the weaker than expected October jobs report.

00:09 The U.S. economy adding 150,000 jobs last month under the expected 170, while the unemployment

00:16 rate ticked up to 3.9 percent, just slightly above expectations.

00:21 While the report came in lower than anticipated overall, these are signs of cooling in the

00:26 labor market and that's exactly what the Federal Reserve wants to see.

00:29 Meanwhile, investors are also reacting to Apple's third quarter earnings.

00:33 We got them after the bell yesterday.

00:35 While the company beat analyst expectations, the tech giant saw its sales decline and gave

00:39 a weak revenue outlook for the December quarter.

00:42 In other news and big news at that, Sam Bankman-Fried has been found guilty for his role in the

00:47 demise of FTX.

00:49 The former CEO was found guilty on all seven counts of fraud and conspiracy.

00:53 Of the verdict, U.S. Attorney General Merrick Garland said, "This case should send a clear

00:58 message to anyone who tries to hide their crimes behind a shiny new thing they claim

01:02 no one else is smart enough to understand.

01:05 The Justice Department will hold you accountable."

01:08 FTX was one of the largest digital currency exchange platforms and at its peak was worth

01:13 more than $30 billion.

01:16 But the crypto empire crumbled quickly with Bankman-Fried using customer funds for personal

01:20 purchases as well as covering up bad business decisions.

01:24 Prosecutors claim more than $8 billion of FTX customers' money has gone missing.

01:29 Sam Bankman-Fried will be sentenced on March 28, 2024.

01:33 He faces up to 110 years in prison.

01:36 That will do it for your daily briefing.

01:37 From the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.

01:41 Thanks for watching.

01:41 [Street noise]

01:43 [BLANK_AUDIO]

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