FTX Founder Sam Bankman-Fried Has Been Charged With Fraud By US Authorities
Overnight a court filing was released detailing fraud allegations against Sam Bankman-Fried, the founder of collapsed crypto firm FTX.
The Securities and Exchange Commission says that whilst the entrepreneur “portrayed himself as a responsible leader of the crypto community”, in fact he misled clients and “improperly diverted their assets” to pay for his own “investments, lavish real estate purchases, and large political donations”.
The company went into bankruptcy on Nov. 11, leading his clients to question whether they would ever see their money again. The 30 year old businessman was arrested in the Bahamas Monday.
Here is the indictment that was released overnight detailing the charges against Bankman-Fried and the methods that the SEC allege he used to defraud clients.
Overnight a court filing was released detailing fraud allegations against Sam Bankman-Fried, the founder of collapsed crypto firm FTX. The Securities and Exchange Commission says that whilst the entrepreneur “portrayed himself as a responsible leader of the crypto community”, in fact he misled clients and “improperly diverted their assets” to…
