SEC charges Bankman-Fried with defrauding investors in FTX
The Securities and Exchange Commission said Tuesday it has charged Samuel Bankman-Fried with orchestrating a scheme to defraud equity investors in FTX Trading Ltd, the crypto trading platform he co-founded and headed until it collapsed spectacularly in recent weeks. The SEC said Bahamas-based FTX raised more than $1.8 billion from investors, including about $1.1 billion from about 90 U.S.
In reality, Bankman-Fried orchestrated a years-long fraud to conceal from FTX's investors the undisclosed diversion of FTX customers' funds to Alameda Research LLC, his privately-held crypto hedge fund; the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited"line of credit" funded by the platform's customers and exempting Alameda from certain key FTX risk mitigation measures; and undisclosed risk...
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SEC authorizes separate charges against FTX founder Sam Bankman-FriedThe SEC announces it has authorized charges against FTX founder Sam Bankman-Fried hours after his arrest in the Bahamas
Read more »
FTX ex-CEO Sam Bankman-Fried says he wants to start a new businessSam Bankman-Fried, the disgraced founder of the failed crypto-exchange FTX, says he wants to start a new business to help his investors make back the money they lost in the crash.
Read more »
FTX founder Sam Bankman-Fried arrested in Bahamas after U.S. files criminal charges - Jacksonville Business JournalHis arrest comes barely a month after the crypto exchange filed for bankruptcy.
Read more »
Top US Lawmaker Says FTX Hearing Will Continue Without Sam Bankman-FriedHouse Financial Services Committee Chairwoman RepMaxineWaters was 'disappointed' that arrested SBF_FTX wouldn't appear at the FTX hearing scheduled for Tuesday. Reports egreechee
Read more »
Former FTX CEO Sam Bankman-Fried arrested in the BahamasThe former CEO of failed cryptocurrency firm FTX, Sam Bankman-Fried, has been arrested in the Bahamas at the request of the U.S. government.
Read more »
FTX filing alleges Bahamas authorities coordinated with Bankman-FriedFTX lawyers lay out allegations that Sam Bankman-Fried, attorneys representing the Bahamian-based subsidiary he still controls, and the Bahamian government are in violation of U.S. bankruptcy law preventing selective payments to creditors.
Read more »