Article Reading Time:
1 min.
Federal prosecutors in Manhattan have accused the founder of FTX of premeditated fraud and misuse of billions of dollars of client funds.
Federal Prosecutor Damian WilliamsWilliams has charged Sam Bankman-Fried with eight felonies, including conspiracy and wire fraud. The indictment alleges that the businessman conspired with his associates to “defraud FTX.com customers, misappropriating deposits and using those deposits to pay Alameda Research's expenses and debts."
On Tuesday, December 13, as separatecourt documents, Bankman-Fried's case included findings from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for his role in the collapse of FTX. The SEC has charged the former head of FTX with organizing a scheme to defraud FTX Trading investors, and the CFTC is asking the court to give a legal assessment of violations of the US Commodity Exchange Act.
The investigation was initiated by the Comprehensive Fraud and Cybercrime Section of the U.S. Attorney's Office for the Southern District of New York.
Let us remind you that the former head of the cryptocurrency exchange was arrested
by Bahamian authorities on the evening of Monday, December 12, at the request of the US government, just a month after FTX filed for bankruptcy.
Read this:
Lawyer Ira Sorkin told Sam Bankman-Freed to shut up
Former head of Bithumb exchange faces jail for fraud
Bitboy Crypto: “Sam Bankman-Fried belongs behind bars”
Coinbit management charged with fraud
Virgil Griffith officially charged with conspiracy
Andreessen Horowitz names former CFTC commissioner as head of policy