Sam Bankman-Fried has been found guilty, CNN reports.

Sam Bankman-Fried was found guilty on Thursday for his role in the collapse of crypto exchange FTX.

After 15 days of testimony and about four and a half hours of deliberations, jurors returned a verdict that found him guilty on seven counts of fraud and conspiracy.

Bankman-Fried looked sunken as the verdict was read out. After the jury was released, he stood, head bowed and shaking as his lawyer spoke in his ear. A few feet behind him, his parents stood watching. As Bankman-Fried was escorted out of the room, he turned back and smiled at his parents. His father, Joe Bankman, put his arm around his mother’s shoulders. As their son left the room, Barbara Fried broke down in tears.

Bankman-Fried was found guilty of stealing billions of dollars from accounts belonging to customers of his once-high-flying crypto exchange FTX. He was also found guilty of defrauding lenders to FTX’s sister company, the hedge fund Alameda Research, which held FTX customer funds in a bank account.

During his trial, Bankman-Fried said he learned in 2020 that FTX customer funds were held by Alameda but he did not take action to safeguard them.

When he later discovered in the fall of 2022 that Alameda owed $8 billion to FTX, no one was fired.

Other charges Bankman-Fried was found guilty of include defrauding investors in FTX and a money-laundering charge.

The verdict caps a yearlong saga that took the 31-year-old Bankman-Fried from a billionaire living in a luxury apartment in the Bahamas to a defendant in one of the biggest white-collar crime cases since Bernie Madoff’s Ponzi scheme that fell apart in 2009.

FTX was once one of the most trusted names in crypto. The trial has been closely watched by regulators, investors and the crypto community for signs of a potential larger crackdown on the largely unregulated crypto market.

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The Nigerian Senate and the House of Representatives have passed the controversial N2.17 trillion 2023 Supplementary Appropriation Bill after its third reading, removing the controversial N5 billion budgeted for yacht, following outcry from civil society organizations and the general public.

The House of Representatives also made significant changes to the proposed supplementary budget, including an increase in the allocation for student loans and adjustments to other critical areas. The Chairman of the House Appropriations Committee, Abubakar Bichi Abubakar, shared these changes during a press briefing on Thursday.

One noteworthy adjustment was the increase in the budget for student loans, which was raised from the initially documented N5.5 billion to N10 billion. This decision was made to address concerns about the low budgetary allocation for student financial support.

Additionally, the budgetary allocation for the Ministry of Defence was increased from N476 billion to N546 billion in response to heightened security concerns.

Bichi also revealed that the minimum wage for workers was considered and approved for onward transmission to the executive branch. The House is committed to ensuring proper legislative oversight to ensure the full implementation of this decision.

The sum of N100 billion, as requested by the Minister of the Federal Capital Territory (FCT), Nyesom Wike, was retained for the FCT.

Ultimately, the House passed the revised supplementary budget, amounting to N2.177 trillion. Notably, the initial budget allocation had sparked controversy due to the inclusion of N5.09 billion for a presidential yacht in the Federal Government’s N2.1 trillion supplementary budget. The yacht was listed as part of the Nigerian Navy’s proposed capital expenditure of N42.3 billion.

Prior to the bill’s passage, the Senate adopted the report of the harmonized sittings of both chambers, which was submitted by Chairman of the Appropriations Committee, Senator Solomon Olamilekan Adeola (APC Ogun West).

The bill progressed through readings in both the upper and lower chambers with an emphasis on its significance for the country’s welfare. The Supplementary Appropriation Bill was introduced by President Bola Tinubu, who sought approval for a total of N2,176,791,286,033. This supplementary budget is intended to address various critical needs, including labor wage adjustments and security measures.

President Tinubu had also submitted the 2024-2026 Medium-Term Expenditure Framework (MTEF) & Fiscal Strategy Paper to the National Assembly. Previously, the Senate had approved N819 billion, which included a N500 billion palliative package.

The supplementary bill is considered essential to implement additional palliative measures, including wage awards. The Federal Executive Council had given its approval to the 2023 supplementary budget of N2.1 trillion earlier.

During debates in the Senate, lawmakers stressed the urgency of expediting the passage of the supplementary budget. They highlighted the need to address critical areas, such as infrastructure, insecurity, labor demands (including a N210 billion wage award payment), and a N5.5 billion student loan.

The proposed supplementary budget allocates N610 billion for temporary wage awards to federal civil servants and a conditional cash transfer program aimed at supporting vulnerable individuals and households. Specifically, the wage award for four months is expected to cost the federal government approximately N210 billion, while the conditional cash transfer program will account for N400 billion.

However, some extravagant items on the budget triggered outcry of civil society groups and the general public. The budget includes a fleet of SUVs for the president and his wife, a presidential yacht, the renovation of his villa, and other government offices – expected to gulp billions of naira.

The development comes amid a rising economic crisis that has seen the poverty rate of the country accelerate. Tinubu announced the removal of fuel subsidy in late May, during his inaugural speech, and subsequently, the Central Bank of Nigeria (CBN) announced the removal of control pegs around the dollar, allowing the naira to trade freely in the FX market.

These economic reforms have exacerbated the rising cost of living – shooting inflation to 26.72%, as petrol prices rose as much as N617 per liter and the naira crashed to more than N1200 per dollar in the parallel market.

The government’s decision to include luxury items in the budget for the political elite amid the suffering has been described as insensitive.

Tracka, a non-governmental organization monitoring the implementation of budgets and contracts awarded by the government, began collecting 10 signatures for the letter intended to deliver to the Senate on Friday. The aim is to compel the red chamber to “delete the frivolous items in the N2.17 trillion 2023 supplementary budget before it gets sent to the President for assent.”