SEC, Justice Department charge FTX’s Sam Bankman-Fried

Tuesday, December 13, 2022 | Tag Cloud Tags: , , ,

(Worthy News) – The U.S. Securities and Exchange Commission and the Justice Department on Tuesday charged the founder and former CEO of the defunct cryptocurrency firm FTX, Sam Bankman-Fried, with multiple counts, including defrauding investors.

Southern District of New York federal prosecutors indicted Bankman-Fried on eight criminal charges, including conspiracy and wire fraud, CNN reported.

Shortly before the Justice Department charges, the SEC filed a complaint alleging that Bankman-Fried raised more than $1.8 billion from investors since May 2019, but he secretly diverted the funds to his private crypto group, The Associated Press reported. [ Source: Just the News (Read More…) ]

SDNY Drops Eight Indictments Against Top Dem Donor. He Says There May Be More To Come

Bankman-Fried, who pledged $1 billion to Democratic candidates in this year’s midterms, founded the cryptocurrency firm FTX, which went bankrupt last month. Prosecutors now charge Bankman-Fried with defrauding customers of FTX, investors in FTX, and lenders to his hedge fund, as well as violating campaign finance laws. [ Source: Washington Free Beacon (Read More…) ]

Sam Bankman-Fried diverted FTX customer funds to donate to political campaigns, authorities charge

Federal authorities on Tuesday charged FTX co-founder Sam Bankman-Fried with using what they said was tens of millions of dollars of misappropriated customer funds to make illegal political donations to both Democratic and Republican candidates.

Prosecutors said one of the reasons he made those contributions was to influence the direction of policies and laws affecting the cryptocurrency industry. [ Source: CNBC (Read More…) ]

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